MIRA INFORM REPORT

 

 

Report Date :

24.07.2012

 

IDENTIFICATION DETAILS

 

Name :

NATIONAL INDUSTRIES COMPANY KSCC

 

 

Registered Office :

SAFAT Near Sina'at Bridge, P.O.Box 3314, Al-Shuwaikh, 13034

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

01.02.1997

 

 

Legal Form :

Public Independent

 

 

Line of Business :

manufacture and marketing of building materials and infrastructure products

 

 

No. of Employees :

1,476

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

 

 

 

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

National Industries Company KSCC

 

 

 

SAFAT Near Sina'at Bridge

P.O.Box 3314

 

Al-Shuwaikh, 13034

Kuwait

 

Tel:

965-2-4837095

Fax:

965-2-4842521

 

www.nicbm.com

 

 

Employees:

1,476

Company Type:

Public Independent

Traded:

Kuwait Stock Exchange:

NICBM

Incorporation Date:

01-Feb-1997

Auditor:

Grant Thornton

 

Financials in:

 

 

 

Fiscal Year End:

31-Dec-2011

Reporting Currency:

Kuwaiti Dinar

Annual Sales:

145.9  1

Net Income:

15.3

Total Assets:

392.1  2

Market Value:

333.1

 

(28-Jun-2012)

 

 

 

 

 

 

 

 

 

 

 

Business Description

 

 

National Industries Company KSCC, a subsidiary of National Industries Group Holding SAK, is a Kuwait-based public shareholding company engaged in the manufacture and marketing of building materials and infrastructure products. The Company is organized, along with its subsidiaries, into two business segments: building materials and Investment. The Company focuses on industrial activities; studies, researches and development, and industrial consultation, among others. The Company operates through two complexes, namely the Abdullah port factory complex and the Sulaibiya factory complex. The Company’s products are classified into five divisions: Wall Products, which includes al-abyad block and sand-lime bricks; Flooring products offers tiles, interlock tiles, tile support systems and adhesives; Pipes & Fittings offers plastic pipes, concrete pipes and high density polyethylene pipes; Ready Mix Kryton Products includes concrete and related construction materials, and Decorative products. For the three months ended 31 March 2012, National Industries Company KSCC's revenue increased 6% to KWD10.7M. Net income increased from KWD620K to KWD1.4M. Total revenue reflects an increase on demand for the Company's products and services. Net income benefited from a lower investment loss as well as lower finance charges. National Industries is a public shareholding Company listed on the Kuwaiti Stock Exchange.

 

 

 

Industry

 

 

Industry

Construction - Raw Materials

ANZSIC 2006:

2034 - Concrete Product Manufacturing

NACE 2002:

2661 - Manufacture of concrete products for construction purposes

NAICS 2002:

327331 - Concrete Block and Brick Manufacturing

UK SIC 2003:

2661 - Manufacture of concrete products for construction purposes

US SIC 1987:

3271 - Concrete Block and Brick

 

 

Key Executives

 

 

 

Name

Title

 

Adel Khalid Al Subaih

Chairman of the Board, representing Combined Trust Real Estate Co. and Managing Director

 

Saud Abdullah Ahmad Al Farhan

General Manager

 

Abdul Aziz Ibrahim Al Rabiah

Vice Chairman of the Board, representing Al Takhsis Al Mutamada General Trading & Cont. Co.

 

Abdul Rahman Shaikhan Ahmad Al Farisi

Member of the Board

 

Hamad Mohammed Abdullah Al Saad

Member of the Board, representing Global Commercial Privatization Co.

 

 

 

Significant Developments

 

 

Topic

#*

Most Recent Headline

Date

General Products

1

National Industries Co KSC Receives Patent Approval for Lightweight Insulating Bricks

12-Sep-2011

Dividends

1

National Industries Co KSC Recommends 10% Cash Dividend for FY 2011

25-Mar-2012

* number of significant developments within the last 12 months

 

 

Financial Summary

 

 

 

 

 

As of 31-Mar-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

2.28

2.04

Quick Ratio (MRQ)

1.51

1.12

Debt to Equity (MRQ)

0.15

1.04

Sales 5 Year Growth

5.99

-0.71

Net Profit Margin (TTM) %

12.30

-1.38

Return on Assets (TTM) %

4.43

-0.0060

Return on Equity (TTM) %

6.28

-2.72

 

 

Stock Snapshot

 

 

Traded: Kuwait Stock Exchange: NICBM

 

As of 28-Jun-2012

   Financials in: KWD

Recent Price

0.27

 

EPS

0.01

52 Week High

0.33

 

Price/Sales

2.32

52 Week Low

0.24

 

Dividend Rate

10.00

Avg. Volume (mil)

0.04

 

Price/Earnings

20.56

Market Value (mil)

93.47

 

Price/Book

1.19

 

 

 

Beta

0.86

 

Price % Change

Rel S&P 500%

4 Week

10.66%

18.39%

13 Week

-10.00%

-4.15%

Year to Date

-3.57%

-3.15%

 

Source: Reuters

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = KWD 0.2764208

2 - Balance Sheet Item Exchange Rate: USD 1 = KWD 0.27855

 

 

Corporate Overview

 

 

 

Location
SAFAT Near Sina'at Bridge
P.O.Box 3314
Al-Shuwaikh, 13034
Kuwait

 

Tel:

965-2-4837095

Fax:

965-2-4842521

 

www.nicbm.com

Quote Symbol - Exchange

NICBM - Kuwait Stock Exchange

Sales KWD(mil):

40.3

Assets KWD(mil):

109.2

Employees:

1,476

Fiscal Year End:

31-Dec-2011

 

 

 

Industry:

Construction - Raw Materials

Incorporation Date:

01-Feb-1997

Company Type:

Public Independent

Quoted Status:

Quoted

 

Chairman of the Board, representing Combined Trust Real Estate Co. and Managing Director:

Adel Khalid Al Subaih

 

 

Industry Codes

 

 

 

ANZSIC 2006 Codes:

2031

-

Cement and Lime Manufacturing

1912

-

Rigid and Semi-Rigid Polymer Product Manufacturing

2034

-

Concrete Product Manufacturing

2033

-

Ready-Mixed Concrete Manufacturing

1919

-

Other Polymer Product Manufacturing

2029

-

Other Ceramic Product Manufacturing

 

NACE 2002 Codes:

2661

-

Manufacture of concrete products for construction purposes

2524

-

Manufacture of other plastic products

2521

-

Manufacture of plastic plates, sheets, tubes and profiles

2666

-

Manufacture of other articles of concrete, plaster and cement

2663

-

Manufacture of ready-mixed concrete

2630

-

Manufacture of ceramic tiles and flags

2652

-

Manufacture of lime

 

NAICS 2002 Codes:

326122

-

Plastics Pipe and Pipe Fitting Manufacturing

327390

-

Other Concrete Product Manufacturing

327122

-

Ceramic Wall and Floor Tile Manufacturing

326199

-

All Other Plastics Product Manufacturing

327410

-

Lime Manufacturing

327320

-

Ready-Mix Concrete Manufacturing

327331

-

Concrete Block and Brick Manufacturing

 

US SIC 1987:

3253

-

Ceramic Wall and Floor Tile

3272

-

Concrete Products, Except Block and Brick

3271

-

Concrete Block and Brick

3089

-

Plastics Products, Not Elsewhere Classified

3084

-

Plastics Pipe

3273

-

Ready-Mixed Concrete

3274

-

Lime

 

UK SIC 2003:

2524

-

Manufacture of other plastic products

2666

-

Manufacture of other articles of concrete, plaster and cement

2652

-

Manufacture of lime

2630

-

Manufacture of ceramic tiles and flags

2521

-

Manufacture of plastic plates, sheets, tubes and profiles

2661

-

Manufacture of concrete products for construction purposes

2663

-

Manufacture of ready-mixed concrete

Top

Business Description

National Industries Company KSCC, a subsidiary of National Industries Group Holding SAK, is a Kuwait-based public shareholding company engaged in the manufacture and marketing of building materials and infrastructure products. The Company is organized, along with its subsidiaries, into two business segments: building materials and Investment. The Company focuses on industrial activities; studies, researches and development, and industrial consultation, among others. The Company operates through two complexes, namely the Abdullah port factory complex and the Sulaibiya factory complex. The Company’s products are classified into five divisions: Wall Products, which includes al-abyad block and sand-lime bricks; Flooring products offers tiles, interlock tiles, tile support systems and adhesives; Pipes & Fittings offers plastic pipes, concrete pipes and high density polyethylene pipes; Ready Mix Kryton Products includes concrete and related construction materials, and Decorative products. For the three months ended 31 March 2012, National Industries Company KSCC's revenue increased 6% to KWD10.7M. Net income increased from KWD620K to KWD1.4M. Total revenue reflects an increase on demand for the Company's products and services. Net income benefited from a lower investment loss as well as lower finance charges. National Industries is a public shareholding Company listed on the Kuwaiti Stock Exchange.

Source: Reuters

Top

 

 

 

 

Financial Data

Financials in:

KWD(mil)

 

Revenue:

40.3

Net Income:

4.2

Assets:

109.2

Long Term Debt:

7.2

 

Total Liabilities:

31.1

 

Working Capital:

0.0

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

-1.5%

3.8%

-4.7%

Top

Market Data

Quote Symbol:

NICBM

Exchange:

Kuwait Stock Exchange

Currency:

KWD

Stock Price:

0.3

Stock Price Date:

06-28-2012

52 Week Price Change %:

0.0

Market Value (mil):

93,474.5

 

SEDOL:

6705655

ISIN:

KW0EQ0501266

 

Equity and Dept Distribution:

02/2006, Scrip Issue, 5 new shares for every 100 shares held & Rights Issue, 50 new shares for every 100 shares held @ KWD 0.4 (Factor: 1.216666). 03/2008, Scrip Issue, 5 new shares for every 100 shares held.11/2008 Company name changed from National Industries Company for Building Materials.

Top

 

Key Corporate Relationships

Auditor:

Grant Thornton

 

Auditor:

Grant Thornton

 

 

 

 

 

 

Top

 

 

 

 

 

 

 

National Industries Company KSCC

Al-Shuwaikh, , Kuwait, Tel: 965-2-4837095, URL: http://www.nicbm.com/

 

Executives Report

 

Board of Directors

 

Name

Title

Function

 

Adel Khalid Al Subaih

 

Chairman of the Board, representing Combined Trust Real Estate Co. and Managing Director

Chairman

 

Abdul Aziz Ibrahim Al Rabiah

 

Vice Chairman of the Board, representing Al Takhsis Al Mutamada General Trading & Cont. Co.

Vice-Chairman

 

Abdul Rahman Shaikhan Ahmad Al Farisi

 

Member of the Board

Director/Board Member

 

Hamad Mohammed Abdullah Al Saad

 

Member of the Board, representing Global Commercial Privatization Co.

Director/Board Member

 

Education:

Southern California University, B (Industrial Engineering)

 

Ahmad Mohammed Hasan

 

Member of the Board

Director/Board Member

 

 

 

Executives

 

Name

Title

Function

 

Saud Abdullah Ahmad Al Farhan

 

General Manager

Division Head Executive

 

Education:

George Washington University, PHD (Engineering Management)
University of New Haven, MS (Industrial Engineering)

 

Adel Khalid Al Subaih

 

Chairman of the Board, representing Combined Trust Real Estate Co. and Managing Director

Managing Director

 

 

 

National Industries Company KSCC

 

 

 

Significant Developments

 

 

 

National Industries Co KSC Recommends 10% Cash Dividend for FY 2011

Mar 25, 2012


National Industries Co KSCC announced that its Board of Directors has recommended the distribution of 10% cash dividends representing KWD 0.010 per share, for the fiscal year ending December 31, 2011.

National Industries Co KSC Receives Patent Approval for Lightweight Insulating Bricks

Sep 12, 2011


National Industries Co KSC announced that it has received a patent approval from the United States Patent and Trademark Office, for the lightweight insulating bricks, which could open prospects in the small and emerging markets.

 

ational Industries Company KSCC

 

Al-Shuwaikh, Kuwait, Tel: 965-2-4837095, URL: http://www.nicbm.com/

Annual Income Statement

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

KWD

KWD

KWD

KWD

KWD

Exchange Rate (Period Average)

0.276421

0.286908

0.288146

0.268983

0.284267

Auditor

Grant Thornton

Grant Thornton

Grant Thornton

Grant Thornton International

Grant Thornton International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

145.9

142.6

133.1

133.0

117.3

Revenue

145.9

142.6

133.1

133.0

117.3

Total Revenue

145.9

142.6

133.1

133.0

117.3

 

 

 

 

 

 

    Cost of Revenue

104.2

100.8

91.1

94.5

79.9

Cost of Revenue, Total

104.2

100.8

91.1

94.5

79.9

Gross Profit

41.6

41.9

42.1

38.5

37.4

 

 

 

 

 

 

    Selling/General/Administrative Expense

11.8

9.7

9.3

11.5

9.0

    Labor & Related Expense

0.1

0.1

-

0.0

0.3

Total Selling/General/Administrative Expenses

11.9

9.8

9.3

11.5

9.3

        Investment Income - Operating

-0.6

-1.5

3.7

0.8

-

    Interest/Investment Income - Operating

-0.6

-1.5

3.7

0.8

-

Interest Expense (Income) - Net Operating Total

-0.6

-1.5

3.7

0.8

-

    Other, Net

-3.0

-3.0

-1.9

-2.8

-6.9

Other Operating Expenses, Total

-3.0

-3.0

-1.9

-2.8

-6.9

Total Operating Expense

112.6

106.2

102.2

104.1

82.3

 

 

 

 

 

 

Operating Income

33.2

36.5

31.0

28.9

35.0

 

 

 

 

 

 

        Interest Expense - Non-Operating

-1.9

-2.3

-4.6

-6.0

-6.5

    Interest Expense, Net Non-Operating

-1.9

-2.3

-4.6

-6.0

-6.5

        Investment Income - Non-Operating

-2.0

0.2

-2.7

-3.1

17.2

    Interest/Investment Income - Non-Operating

-2.0

0.2

-2.7

-3.1

17.2

Interest Income (Expense) - Net Non-Operating Total

-4.0

-2.0

-7.3

-9.2

10.7

    Other Non-Operating Income (Expense)

-13.2

-19.7

-32.9

-54.4

-

Other, Net

-13.2

-19.7

-32.9

-54.4

-

Income Before Tax

16.1

14.8

-9.2

-34.6

45.7

 

 

 

 

 

 

Total Income Tax

0.7

0.5

0.0

0.0

1.5

Income After Tax

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Net Income Before Extraord Items

15.3

14.2

-9.2

-34.6

44.2

Net Income

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

344.8

344.7

344.2

343.7

342.8

Basic EPS Excl Extraord Items

0.04

0.04

-0.03

-0.10

0.13

Basic/Primary EPS Incl Extraord Items

0.04

0.04

-0.03

-0.10

0.13

Dilution Adjustment

-

-

0.0

0.0

-

Diluted Net Income

15.3

14.2

-9.2

-34.6

44.2

Diluted Weighted Average Shares

344.8

344.7

344.2

343.7

342.8

Diluted EPS Excl Extraord Items

0.04

0.04

-0.03

-0.10

0.13

Diluted EPS Incl Extraord Items

0.04

0.04

-0.03

-0.10

0.13

Dividends per Share - Common Stock Primary Issue

0.04

0.03

-

-

0.09

Gross Dividends - Common Stock

12.5

9.6

-

-

28.7

Interest Expense, Supplemental

1.9

2.3

4.6

6.0

6.5

Depreciation, Supplemental

9.3

8.4

7.4

7.4

6.7

Normalized Income Before Tax

16.1

14.8

-9.2

-34.6

45.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.7

0.5

0.0

0.0

1.5

Normalized Income After Tax

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Basic Normalized EPS

0.04

0.04

-0.03

-0.10

0.13

Diluted Normalized EPS

0.04

0.04

-0.03

-0.10

0.13

Normalized EBIT

32.7

35.0

34.6

29.8

35.0

Normalized EBITDA

41.9

43.4

42.0

37.2

41.7

    Local Tax - Other

0.7

0.5

0.0

0.0

1.5

Income Tax - Total

0.7

0.5

0.0

0.0

1.5

 

 

Annual Balance Sheet

 

 

 

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

KWD

KWD

KWD

KWD

KWD

Exchange Rate

0.27855

0.2813

0.28705

0.27655

0.2733

Auditor

Grant Thornton

Grant Thornton

Grant Thornton

Grant Thornton International

Grant Thornton International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

10.1

10.7

17.7

14.9

4.9

    Short Term Investments

15.0

19.5

15.6

19.3

61.1

Cash and Short Term Investments

25.1

30.2

33.3

34.2

66.0

        Accounts Receivable - Trade, Gross

33.4

27.1

30.9

22.8

21.2

        Provision for Doubtful Accounts

0.0

0.0

-4.0

-4.2

-4.2

    Trade Accounts Receivable - Net

33.4

27.1

26.9

18.6

17.0

    Other Receivables

22.7

20.9

18.1

31.6

18.6

Total Receivables, Net

56.2

48.0

45.0

50.2

35.6

    Inventories - Finished Goods

13.5

11.4

13.2

10.9

11.9

    Inventories - Raw Materials

28.2

25.8

25.4

28.0

22.0

    Inventories - Other

0.2

-0.2

-0.8

-0.1

-0.5

Total Inventory

42.0

37.0

37.8

38.7

33.3

Prepaid Expenses

-

-

-

0.9

0.9

    Other Current Assets

0.5

0.5

0.5

1.1

1.1

Other Current Assets, Total

0.5

0.5

0.5

1.1

1.1

Total Current Assets

123.8

115.7

116.6

125.0

137.0

 

 

 

 

 

 

        Buildings

90.0

89.1

86.9

87.3

87.2

        Machinery/Equipment

190.6

180.4

171.7

168.3

163.8

        Construction in Progress

61.1

57.2

45.2

40.1

22.0

    Property/Plant/Equipment - Gross

341.8

326.6

303.8

295.8

273.0

    Accumulated Depreciation

-246.2

-236.1

-225.2

-226.2

-221.7

Property/Plant/Equipment - Net

95.6

90.5

78.6

69.5

51.3

    LT Investment - Affiliate Companies

24.6

23.7

25.0

30.3

32.6

    LT Investments - Other

148.2

177.6

197.8

230.3

266.1

Long Term Investments

172.7

201.4

222.8

260.6

298.8

Total Assets

392.1

407.6

418.0

455.1

487.1

 

 

 

 

 

 

Accounts Payable

18.2

11.1

22.3

16.6

12.4

Payable/Accrued

0.3

0.0

0.0

0.4

0.4

Accrued Expenses

5.3

3.7

-

6.0

5.8

Notes Payable/Short Term Debt

11.0

9.6

9.4

41.5

0.0

Current Portion - Long Term Debt/Capital Leases

19.1

54.0

49.8

-

-

    Other Payables

0.7

0.5

-

0.6

0.5

    Other Current Liabilities

7.1

5.0

-

3.6

6.2

Other Current liabilities, Total

7.7

5.5

-

4.2

6.7

Total Current Liabilities

61.6

83.8

81.6

68.8

25.2

 

 

 

 

 

 

    Long Term Debt

25.9

19.6

70.7

117.2

98.9

Total Long Term Debt

25.9

19.6

70.7

117.2

98.9

Total Debt

55.9

83.2

130.0

158.7

98.9

 

 

 

 

 

 

Minority Interest

7.2

7.1

-

-

-

    Reserves

2.4

2.3

2.2

2.2

2.1

    Pension Benefits - Underfunded

14.5

13.0

11.7

11.6

12.7

    Other Long Term Liabilities

0.1

0.1

-

-

-

Other Liabilities, Total

17.0

15.5

13.9

13.8

14.8

Total Liabilities

111.6

126.0

166.3

199.7

138.9

 

 

 

 

 

 

    Common Stock

124.3

123.1

120.6

125.1

120.4

Common Stock

124.3

123.1

120.6

125.1

120.4

Additional Paid-In Capital

114.6

113.5

111.1

115.3

115.9

Retained Earnings (Accumulated Deficit)

25.5

20.1

5.8

15.6

85.7

Treasury Stock - Common

-2.0

-2.0

-2.3

-2.9

-3.6

    Other Equity

18.2

26.9

16.6

2.3

29.7

Other Equity, Total

18.2

26.9

16.6

2.3

29.7

Total Equity

280.5

281.6

251.8

255.4

348.1

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

392.1

407.6

418.1

455.1

487.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

344.8

344.8

344.5

344.0

343.1

Total Common Shares Outstanding

344.8

344.8

344.5

344.0

343.1

Treasury Shares - Common Stock Primary Issue

1.4

1.4

1.6

1.9

2.3

Total Long Term Debt, Supplemental

-

54.0

49.8

-

-

Long Term Debt Maturing within 1 Year

-

54.0

49.8

-

-

Long Term Debt Matur. in Year 6 & Beyond

-

0.0

0.0

-

-

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

KWD

KWD

KWD

KWD

KWD

Exchange Rate (Period Average)

0.276421

0.286908

0.288146

0.268983

0.284267

Auditor

Grant Thornton

Grant Thornton

Grant Thornton

Grant Thornton International

Grant Thornton International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

15.3

14.2

-9.2

-34.6

44.2

    Depreciation

9.3

8.4

7.4

7.4

6.7

Depreciation/Depletion

9.3

8.4

7.4

7.4

6.7

    Unusual Items

-3.7

-1.0

-1.1

-1.8

-4.3

    Equity in Net Earnings (Loss)

2.2

-0.1

3.0

-7.0

-8.2

    Other Non-Cash Items

18.3

23.9

40.7

62.6

7.0

Non-Cash Items

16.8

22.8

42.6

53.7

-5.5

    Accounts Receivable

-10.2

-0.7

4.0

-15.0

-18.9

    Inventories

-4.6

1.6

-2.2

-6.3

0.3

    Accounts Payable

11.2

-3.0

-4.6

2.5

5.2

    Other Liabilities

-

-

-

0.0

0.4

    Other Operating Cash Flow

3.4

-6.0

5.8

26.0

-29.7

Changes in Working Capital

-0.3

-8.2

3.1

7.3

-42.8

Cash from Operating Activities

41.1

37.2

43.8

33.8

2.7

 

 

 

 

 

 

    Purchase of Fixed Assets

-13.4

-18.5

-19.0

-26.8

-24.5

Capital Expenditures

-13.4

-18.5

-19.0

-26.8

-24.5

    Sale of Fixed Assets

-

-

-

-

0.0

    Sale/Maturity of Investment

12.8

15.4

6.5

13.9

21.5

    Investment, Net

-1.0

0.0

-2.0

0.0

0.4

    Purchase of Investments

-0.1

-0.5

-0.1

-60.1

-21.6

    Other Investing Cash Flow

0.6

0.6

4.6

8.4

0.8

Other Investing Cash Flow Items, Total

12.3

15.6

9.0

-37.9

1.1

Cash from Investing Activities

-1.1

-2.9

-10.0

-64.7

-23.4

 

 

 

 

 

 

    Other Financing Cash Flow

-42.6

-43.4

-3.9

-5.6

-6.5

Financing Cash Flow Items

-42.6

-43.4

-3.9

-5.6

-6.5

    Cash Dividends Paid - Common

-10.0

-

0.0

-30.6

-34.5

Total Cash Dividends Paid

-10.0

-

0.0

-30.6

-34.5

        Sale/Issuance of Common

0.0

0.1

0.2

0.8

0.0

        Repurchase/Retirement of Common

0.0

0.0

-0.1

-0.1

0.0

    Common Stock, Net

0.0

0.1

0.1

0.7

0.0

    Sale/Issuance of Common/Preferred

0.0

0.3

0.4

0.9

0.0

Issuance (Retirement) of Stock, Net

0.0

0.4

0.5

1.6

0.0

        Short Term Debt Reduction

-9.8

-

-

-

-

    Short Term Debt, Net

-9.8

-

-

-

-

        Long Term Debt Issued

21.7

1.4

-27.0

61.3

0.4

    Long Term Debt, Net

21.7

1.4

-27.0

61.3

0.4

Issuance (Retirement) of Debt, Net

12.0

1.4

-27.0

61.3

0.4

Cash from Financing Activities

-40.6

-41.6

-30.4

26.7

-40.5

 

 

 

 

 

 

Net Change in Cash

-0.7

-7.3

3.4

-4.1

-61.3

 

 

 

 

 

 

Net Cash - Beginning Balance

10.9

17.7

14.3

19.4

79.7

Net Cash - Ending Balance

10.2

10.5

17.7

15.3

18.4

Cash Interest Paid

1.9

1.7

3.9

5.6

6.5

 

National Industries Company KSCC

 

Al-Shuwaikh, Kuwait, Tel: 965-2-4837095, URL: http://www.nicbm.com/

Annual Income Statement

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

KWD

KWD

KWD

KWD

KWD

Exchange Rate (Period Average)

0.276421

0.286908

0.288146

0.268983

0.284267

Auditor

Grant Thornton

Grant Thornton

Grant Thornton

Grant Thornton

Grant Thornton International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales

145.9

142.6

133.1

133.0

117.3

Total Revenue

145.9

142.6

133.1

133.0

117.3

 

 

 

 

 

 

    Cost of Sales

104.2

100.8

91.1

94.5

79.9

    Other Op. Income

-3.0

-3.0

-1.9

-2.8

-1.2

    Bad & Doubtful Debt Expenses

-

-

-

-

0.0

    Provision for Obsolete Moving Stock

-

-

-

-

-5.7

    Distribution Expenses

2.8

2.5

2.4

2.5

3.3

    Gen. & Admin. Expenses

9.0

7.3

7.0

9.1

5.7

    Directors' Remuneration

0.1

0.1

-

0.0

0.3

    Foreign Exchange Loss/Gain

-0.6

-1.5

3.7

0.8

-

Total Operating Expense

112.6

106.2

102.2

104.1

82.3

 

 

 

 

 

 

    Finance Cost

-1.9

-2.3

-4.6

-6.0

-6.5

    Investment Income

0.7

0.6

3.7

-3.3

13.0

    Impairment on AFS Investments

-13.2

-19.7

-32.9

-54.4

-

    Acquisition of Associates

-0.2

-

-

-

-

    Share of Loss/Profit of Associated Co.

-2.5

-0.3

-6.4

0.1

4.1

Net Income Before Taxes

16.1

14.8

-9.2

-34.6

45.7

 

 

 

 

 

 

Provision for Income Taxes

0.7

0.5

0.0

0.0

1.5

Net Income After Taxes

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Net Income Before Extra. Items

15.3

14.2

-9.2

-34.6

44.2

Net Income

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Basic Weighted Average Shares

344.8

344.7

344.2

343.7

342.8

Basic EPS Excluding ExtraOrdinary Items

0.04

0.04

-0.03

-0.10

0.13

Basic EPS Including ExtraOrdinary Items

0.04

0.04

-0.03

-0.10

0.13

Dilution Adjustment

-

-

0.0

0.0

-

Diluted Net Income

15.3

14.2

-9.2

-34.6

44.2

Diluted Weighted Average Shares

344.8

344.7

344.2

343.7

342.8

Diluted EPS Excluding ExtraOrd Items

0.04

0.04

-0.03

-0.10

0.13

Diluted EPS Including ExtraOrd Items

0.04

0.04

-0.03

-0.10

0.13

DPS-Common Stock

0.04

0.03

-

-

0.09

Gross Dividends - Common Stock

12.5

9.6

-

-

28.7

Normalized Income Before Taxes

16.1

14.8

-9.2

-34.6

45.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.7

0.5

0.0

0.0

1.5

Normalized Income After Taxes

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Basic Normalized EPS

0.04

0.04

-0.03

-0.10

0.13

Diluted Normalized EPS

0.04

0.04

-0.03

-0.10

0.13

Depreciation

9.3

8.4

7.4

7.4

6.7

Interest Expense

1.9

2.3

4.6

6.0

6.5

    KFAS

0.1

0.1

0.0

0.0

0.3

    National Labour Support Tax

0.4

0.3

0.0

0.0

1.1

    Zakat

0.2

0.1

0.0

0.0

0.0

Income Tax - Total

0.7

0.5

0.0

0.0

1.5

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

KWD

KWD

KWD

KWD

KWD

Exchange Rate

0.27855

0.2813

0.28705

0.27655

0.2733

Auditor

Grant Thornton

Grant Thornton

Grant Thornton

Grant Thornton

Grant Thornton International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Investments at Fair Value

15.0

19.5

15.6

19.3

46.9

    Wakala Investment

-

-

-

-

14.2

    Finished Goods & Work in Progress

13.5

11.4

13.2

10.9

11.9

    Raw Materials

19.4

16.3

15.8

18.1

11.9

    Spare Parts

8.8

9.5

9.6

9.8

10.0

    Goods in Tansit

2.5

2.6

4.7

3.9

3.3

    Obsolete Stock

-2.3

-2.8

-5.6

-4.1

-3.8

    Trade Receivables

33.4

27.1

30.9

22.8

21.2

    Provision for Doubtful Debts

0.0

0.0

-4.0

-4.2

-4.2

    Other Receivables

22.7

20.9

18.1

-

-

    Staff Receivable

-

-

-

0.4

0.2

    Prepayments

-

-

-

0.9

0.9

    Other Assets

-

-

-

1.1

1.1

    Due from Related Companies

-

-

-

0.0

0.0

    Due from Parent Company

-

-

-

18.8

-

    Due from Associate

-

-

-

10.6

8.5

    Advance Payments Towards Purchase of Inv

-

-

-

1.8

9.9

    Fixed Deposit

0.5

0.5

0.5

-

-

    Cash & Bank Balances

10.1

10.7

17.7

14.9

4.9

Total Current Assets

123.8

115.7

116.6

125.0

137.0

 

 

 

 

 

 

    Buildings

90.0

89.1

86.9

87.3

87.2

    Plant & Equipment

134.7

128.0

123.4

119.8

118.1

    Motor Vehicles

38.8

36.0

32.5

32.7

30.4

    Furniture & Equipment

17.0

16.4

15.8

15.8

15.3

    Property Under Construction

61.1

57.2

45.2

40.1

22.0

    Depreciation

-246.2

-236.1

-225.2

-226.2

-221.7

    Investment in Subsidiary Company

-

-

-

-

0.4

    Investment in Associated Company

24.6

23.7

25.0

30.3

32.3

    Available for Sale Investments

148.2

177.6

197.8

230.3

266.1

Total Assets

392.1

407.6

418.0

455.1

487.1

 

 

 

 

 

 

    Accounts Payable

-

-

22.3

-

-

    Trade Payables

18.2

11.1

-

16.6

12.4

    Staff Payables

0.7

0.5

-

0.6

0.5

    Provision for Staff Leave

2.3

1.9

-

1.7

1.9

    Accrued Expenses

5.3

3.7

-

6.0

5.8

    Due to Company

0.8

1.0

-

0.0

0.1

    Other Liabs.

4.0

2.0

-

1.9

4.2

    Current Portion of Musharaka Bonds

0.0

49.8

49.8

-

-

    ST Loans

0.0

9.6

9.4

41.5

-

    ST Murabaha

11.0

0.0

-

-

-

    Due to Customers for Contract Works

0.3

0.0

0.0

0.4

0.4

    Current Portion of LT Loan

19.0

3.2

-

-

-

    Current Portion of Murabaha Payables

0.1

1.0

-

-

-

Total Current Liabilities

61.6

83.8

81.6

68.8

25.2

 

 

 

 

 

 

    Musharaka Bonds

-

0.0

49.8

99.1

98.9

    LT Loans

25.9

19.6

20.9

18.1

-

Total Long Term Debt

25.9

19.6

70.7

117.2

98.9

 

 

 

 

 

 

    Provision for Land-fill Expenses

2.4

2.3

2.2

2.2

2.1

    Provision for Staff Indemnity

14.5

13.0

11.7

11.6

12.7

    Murabaha Payables

0.1

0.1

-

-

-

    Minority Interest

7.2

7.1

-

-

-

Total Liabilities

111.6

126.0

166.3

199.7

138.9

 

 

 

 

 

 

    Share Capital

124.3

123.1

120.6

125.1

120.4

    Treasury Shares

-2.0

-2.0

-2.3

-2.9

-3.6

    Share Premium

114.6

113.5

111.1

115.3

115.9

    Legal Reserve

8.8

7.1

23.1

24.0

24.3

    Voluntary Reserve

3.1

1.5

19.5

20.2

20.5

    Staff Bonus Shares

-

-

-

0.0

0.1

    Foreign Currency translation Reserve

-0.3

-0.1

0.2

0.0

-

    TS Profit Reserve

0.1

0.1

0.1

0.3

0.1

    Fair Value

18.2

26.9

16.6

2.3

29.6

    Retained Earnings

13.7

11.5

-37.1

-28.9

40.7

Total Equity

280.5

281.6

251.8

255.4

348.1

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

392.1

407.6

418.1

455.1

487.1

 

 

 

 

 

 

    S/O-Common Stock

344.8

344.8

344.5

344.0

343.1

Total Common Shares Outstanding

344.8

344.8

344.5

344.0

343.1

T/S-Common Stock

1.4

1.4

1.6

1.9

2.3

Current maturities

-

54.0

49.8

-

-

Total Long Term Debt, Supplemental

-

54.0

49.8

-

-

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

KWD

KWD

KWD

KWD

KWD

Exchange Rate (Period Average)

0.276421

0.286908

0.288146

0.268983

0.284267

Auditor

Grant Thornton

Grant Thornton

Grant Thornton

Grant Thornton

Grant Thornton International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

15.3

14.2

-9.2

-34.6

44.2

    Depreciation

9.3

8.4

7.4

7.4

6.7

    Disposal of Fixed Assets

0.0

0.0

0.1

0.0

0.1

    Provs. for Obsolete & Slow Moving Asset

-

0.0

1.6

0.4

-

    Profit on AFS Investment

-3.7

-1.0

-1.2

-1.8

-4.4

    Income from Wakala Investment

-0.1

-0.2

-1.6

-0.1

3.2

    Share of Loss/Profit of Associated Co.

2.5

0.3

6.4

-0.1

-4.1

    Acquisition of Associates

0.2

-

-

-

-

    Dividend Income

-0.5

-0.4

-3.4

-6.8

-4.1

    Interest Income

0.0

0.0

-0.1

0.0

0.0

    Impairment of AFS Investments

13.2

19.7

32.9

54.4

-

    Financial Costs

1.9

2.3

4.6

6.0

6.5

    Foreign Exchange Loss

0.4

-1.6

3.8

0.8

-5.5

    Cost of Share-Based Payment

-

-

-

0.0

0.4

    Provision for Land-fill Expenses

0.1

0.1

0.1

0.1

0.1

    Provision for Staff Indemnity

3.0

1.9

1.6

1.6

0.5

    Inventories

-4.6

1.6

-2.2

-6.3

0.3

    Investment at Fair Value

4.8

-3.6

3.0

27.8

-24.2

    Accounts Receivable

-10.1

-0.5

5.6

-14.9

-22.1

    Accounts Payable

10.9

-3.0

-4.2

2.5

4.8

    Due to Customers for Contract Works

0.3

-

-0.4

0.1

0.4

    Staff Indemnity Paid

-1.7

-0.8

-1.0

-2.6

-

Cash from Operating Activities

41.1

37.2

43.8

33.8

2.7

 

 

 

 

 

 

    Purchase of Fixed Assets

-13.4

-18.5

-19.0

-26.8

-24.5

    Disposal of Fixed Assets

-

-

-

-

0.0

    Investment in Subsidiary Company

-

-

-

-

0.4

    Investment in Associated Company

-1.0

0.0

-2.0

0.0

0.0

    Disposal of AFS Investment

12.8

15.4

6.5

13.9

21.5

    Purchase of Investments

-0.1

-0.5

-0.1

-60.1

-21.6

    Dividend Received from Ass. Companies

-

-

0.0

1.4

-

    Dividend Income Received from Inv.

0.5

0.4

3.4

6.8

4.1

    Income Received from Murabaha Investment

0.1

0.2

1.6

0.1

-3.2

    Interest Received

0.0

0.0

0.1

0.0

0.0

    Fixed Deposit

-

0.0

-0.5

-

-

Cash from Investing Activities

-1.1

-2.9

-10.0

-64.7

-23.4

 

 

 

 

 

 

    Share Issue

0.0

0.1

0.2

0.8

0.0

    Capital Contributed by Minority Interest

0.0

7.0

-

-

-

    Murabaha Finance/ Tawarruq Facilities

-

1.4

3.5

-

0.4

    Proceeds from Murabaha Payables

10.1

1.1

-

-

-

    Repayment of Musharaka Bonds

-50.7

-49.7

-

-

-

    Purchase of Treasury Shares

0.0

0.0

-0.1

-0.1

0.0

    Sale of Treasury Shares

0.0

0.3

0.4

0.9

0.0

    Dividend Paid

-10.0

-

0.0

-30.6

-34.5

    Tawarruq Facilities & Wakala Payables

-

-

-

-

0.0

    ST Debt Repaid

-9.8

-

-

-

-

    Proceeds from Term Loans

21.7

0.0

-30.5

61.3

-

    Financial Cost Paid

-1.9

-1.7

-3.9

-5.6

-6.5

Cash from Financing Activities

-40.6

-41.6

-30.4

26.7

-40.5

 

 

 

 

 

 

Net Change in Cash

-0.7

-7.3

3.4

-4.1

-61.3

 

 

 

 

 

 

Net Change Beginning of Balance

10.9

17.7

14.3

19.4

79.7

Net Change End of Balance

10.2

10.5

17.7

15.3

18.4

    Cash Interest Paid

1.9

1.7

3.9

5.6

6.5

 

 

 

National Industries Company KSCC

 

Al-Shuwaikh, Kuwait, Tel: 965-2-4837095, URL: http://www.nicbm.com/

Financial Health

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

Key Indicators USD (mil)

 

Quarter
Ending
31-Mar-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

38.4

5.84%

145.9

-1.47%

4.06%

5.99%

Operating Income1

6.1

19.80%

33.2

-12.19%

5.68%

2.67%

Income Available to Common Excl Extraord Items1

5.1

128.16%

15.3

3.79%

-

-15.52%

Basic EPS Excl Extraord Items1

0.01

127.78%

0.04

4.24%

-

-16.88%

Capital Expenditures2

2.7

16.51%

13.4

-30.10%

-19.81%

13.11%

Cash from Operating Activities2

19.3

5.91%

41.1

6.30%

7.72%

0.34%

Free Cash Flow

16.6

4.39%

27.4

42.34%

59.62%

-3.56%

Total Assets3

401.6

-3.35%

392.1

-4.74%

-4.62%

-2.80%

Total Liabilities3

104.1

-23.38%

111.6

-12.28%

-17.43%

-3.82%

Total Long Term Debt3

25.9

56.30%

25.9

30.92%

-39.42%

-24.04%

Total Common Shares Outstanding3

345.2

0.09%

344.8

0.00%

0.08%

0.12%

1-ExchangeRate: KWD to USD Average for Period

0.278240

 

0.276421

 

 

 

2-ExchangeRate: KWD to USD Average for Period

0.278240

 

0.276421

 

 

 

3-ExchangeRate: KWD to USD Period End Date

0.277850

 

0.278550

 

 

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

28.54%

29.35%

31.60%

28.92%

31.91%

Operating Margin

22.79%

25.57%

23.25%

21.76%

29.86%

Pretax Margin

11.02%

10.35%

-6.94%

-26.04%

38.96%

Net Profit Margin

10.51%

9.97%

-6.94%

-26.04%

37.72%

Financial Strength

Current Ratio

2.01

1.38

1.43

1.82

5.43

Long Term Debt/Equity

0.09

0.07

0.28

0.46

0.28

Total Debt/Equity

0.20

0.30

0.52

0.62

0.28

Management Effectiveness

Return on Assets

3.78%

3.48%

-2.16%

-7.19%

9.71%

Return on Equity

5.39%

5.39%

-3.72%

-11.24%

13.73%

Efficiency

Receivables Turnover

2.77

3.10

2.86

3.03

5.00

Inventory Turnover

2.61

2.72

2.43

2.57

2.48

Asset Turnover

0.36

0.35

0.31

0.28

0.26

Market Valuation USD (mil)

P/E (TTM)

18.51

.

Enterprise Value2

357.8

Price/Sales (TTM)

2.28

.

Enterprise Value/Revenue (TTM)

2.43

Price/Book (MRQ)

1.13

.

Enterprise Value/EBITDA (TTM)

11.85

Market Cap as of 28-Jun-20121

333.1

.

 

 

1-ExchangeRate: KWD to USD on 28-Jun-2012

0.280602

 

 

 

2-ExchangeRate: KWD to USD on 31-Mar-2012

0.277850

 

 

 

 

National Industries Company KSCC

 

Al-Shuwaikh, Kuwait, Tel: 965-2-4837095, URL: http://www.nicbm.com/

Annual Ratios

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 



 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Financial Strength

Current Ratio

2.01

1.38

1.43

1.82

5.43

Quick/Acid Test Ratio

1.32

0.93

0.96

1.23

4.03

Working Capital1

62.2

31.8

35.0

56.2

111.8

Long Term Debt/Equity

0.09

0.07

0.28

0.46

0.28

Total Debt/Equity

0.20

0.30

0.52

0.62

0.28

Long Term Debt/Total Capital

0.08

0.05

0.19

0.28

0.22

Total Debt/Total Capital

0.17

0.23

0.34

0.38

0.22

Payout Ratio

81.30%

67.80%

-

-

68.12%

Effective Tax Rate

4.67%

3.65%

-

-

3.19%

Total Capital1

336.4

364.8

381.8

414.1

447.0

 

 

 

 

 

 

Efficiency

Asset Turnover

0.36

0.35

0.31

0.28

0.26

Inventory Turnover

2.61

2.72

2.43

2.57

2.48

Days In Inventory

139.93

134.25

150.00

142.17

147.12

Receivables Turnover

2.77

3.10

2.86

3.03

5.00

Days Receivables Outstanding

131.89

117.74

127.45

120.45

72.96

 

 

 

 

 

 

Profitability

Gross Margin

28.54%

29.35%

31.60%

28.92%

31.91%

Operating Margin

22.79%

25.57%

23.25%

21.76%

29.86%

EBITDA Margin

29.14%

31.45%

28.80%

27.32%

35.57%

EBIT Margin

22.79%

25.57%

23.25%

21.76%

29.86%

Pretax Margin

11.02%

10.35%

-6.94%

-26.04%

38.96%

Net Profit Margin

10.51%

9.97%

-6.94%

-26.04%

37.72%

COGS/Revenue

71.46%

70.65%

68.40%

71.08%

68.09%

SG&A Expense/Revenue

8.18%

6.90%

7.02%

8.68%

7.91%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

3.78%

3.48%

-2.16%

-7.19%

9.71%

Return on Equity

5.39%

5.39%

-3.72%

-11.24%

13.73%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

0.08

0.06

0.07

0.02

-0.07

Operating Cash Flow/Share 2

0.12

0.11

0.13

0.10

0.01

1-ExchangeRate: KWD to USD Period End Date

0.27855

0.2813

0.28705

0.27655

0.2733

2-ExchangeRate: KWD to USD Average for Period

0.27855

0.2813

0.28705

0.27655

0.2733

 

Current Market Multiples

Market Cap/Earnings (TTM)

18.56

Market Cap/Equity (MRQ)

1.13

Market Cap/Revenue (TTM)

2.28

Market Cap/EBIT (TTM)

16.28

Market Cap/EBITDA (TTM)

11.14

Enterprise Value/Earnings (TTM)

19.74

Enterprise Value/Equity (MRQ)

1.20

Enterprise Value/Revenue (TTM)

2.43

Enterprise Value/EBIT (TTM)

17.32

Enterprise Value/EBITDA (TTM)

11.85

 

 

National Industries Company KSCC

 

Al-Shuwaikh, Kuwait, Tel: 965-2-4837095, URL: http://www.nicbm.com/

Annual Income Statement

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

KWD

KWD

KWD

KWD

KWD

Exchange Rate (Period Average)

0.276421

0.286908

0.288146

0.268983

0.284267

Auditor

Grant Thornton

Grant Thornton

Grant Thornton

Grant Thornton International

Grant Thornton International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

145.9

142.6

133.1

133.0

117.3

Revenue

145.9

142.6

133.1

133.0

117.3

Total Revenue

145.9

142.6

133.1

133.0

117.3

 

 

 

 

 

 

    Cost of Revenue

104.2

100.8

91.1

94.5

79.9

Cost of Revenue, Total

104.2

100.8

91.1

94.5

79.9

Gross Profit

41.6

41.9

42.1

38.5

37.4

 

 

 

 

 

 

    Selling/General/Administrative Expense

11.8

9.7

9.3

11.5

9.0

    Labor & Related Expense

0.1

0.1

-

0.0

0.3

Total Selling/General/Administrative Expenses

11.9

9.8

9.3

11.5

9.3

        Investment Income - Operating

-0.6

-1.5

3.7

0.8

-

    Interest/Investment Income - Operating

-0.6

-1.5

3.7

0.8

-

Interest Expense (Income) - Net Operating Total

-0.6

-1.5

3.7

0.8

-

    Other, Net

-3.0

-3.0

-1.9

-2.8

-6.9

Other Operating Expenses, Total

-3.0

-3.0

-1.9

-2.8

-6.9

Total Operating Expense

112.6

106.2

102.2

104.1

82.3

 

 

 

 

 

 

Operating Income

33.2

36.5

31.0

28.9

35.0

 

 

 

 

 

 

        Interest Expense - Non-Operating

-1.9

-2.3

-4.6

-6.0

-6.5

    Interest Expense, Net Non-Operating

-1.9

-2.3

-4.6

-6.0

-6.5

        Investment Income - Non-Operating

-2.0

0.2

-2.7

-3.1

17.2

    Interest/Investment Income - Non-Operating

-2.0

0.2

-2.7

-3.1

17.2

Interest Income (Expense) - Net Non-Operating Total

-4.0

-2.0

-7.3

-9.2

10.7

    Other Non-Operating Income (Expense)

-13.2

-19.7

-32.9

-54.4

-

Other, Net

-13.2

-19.7

-32.9

-54.4

-

Income Before Tax

16.1

14.8

-9.2

-34.6

45.7

 

 

 

 

 

 

Total Income Tax

0.7

0.5

0.0

0.0

1.5

Income After Tax

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Net Income Before Extraord Items

15.3

14.2

-9.2

-34.6

44.2

Net Income

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

344.8

344.7

344.2

343.7

342.8

Basic EPS Excl Extraord Items

0.04

0.04

-0.03

-0.10

0.13

Basic/Primary EPS Incl Extraord Items

0.04

0.04

-0.03

-0.10

0.13

Dilution Adjustment

-

-

0.0

0.0

-

Diluted Net Income

15.3

14.2

-9.2

-34.6

44.2

Diluted Weighted Average Shares

344.8

344.7

344.2

343.7

342.8

Diluted EPS Excl Extraord Items

0.04

0.04

-0.03

-0.10

0.13

Diluted EPS Incl Extraord Items

0.04

0.04

-0.03

-0.10

0.13

Dividends per Share - Common Stock Primary Issue

0.04

0.03

-

-

0.09

Gross Dividends - Common Stock

12.5

9.6

-

-

28.7

Interest Expense, Supplemental

1.9

2.3

4.6

6.0

6.5

Depreciation, Supplemental

9.3

8.4

7.4

7.4

6.7

Normalized Income Before Tax

16.1

14.8

-9.2

-34.6

45.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.7

0.5

0.0

0.0

1.5

Normalized Income After Tax

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Basic Normalized EPS

0.04

0.04

-0.03

-0.10

0.13

Diluted Normalized EPS

0.04

0.04

-0.03

-0.10

0.13

Normalized EBIT

32.7

35.0

34.6

29.8

35.0

Normalized EBITDA

41.9

43.4

42.0

37.2

41.7

    Local Tax - Other

0.7

0.5

0.0

0.0

1.5

Income Tax - Total

0.7

0.5

0.0

0.0

1.5

 

 

National Industries Company KSCC

 

Al-Shuwaikh, Kuwait, Tel: 965-2-4837095, URL: http://www.nicbm.com/

Interim Income Statement

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

KWD

KWD

KWD

KWD

KWD

Exchange Rate (Period Average)

0.27824

0.276609

0.274039

0.275624

0.279484

 

 

 

 

 

 

    Net Sales

38.4

39.3

31.9

38.5

36.1

Revenue

38.4

39.3

31.9

38.5

36.1

Total Revenue

38.4

39.3

31.9

38.5

36.1

 

 

 

 

 

 

    Cost of Revenue

28.1

27.2

22.8

27.8

26.4

Cost of Revenue, Total

28.1

27.2

22.8

27.8

26.4

Gross Profit

10.3

12.1

9.0

10.7

9.7

 

 

 

 

 

 

    Selling/General/Administrative Expense

5.1

2.6

2.5

2.8

3.9

    Labor & Related Expense

-

0.1

-

-

-

Total Selling/General/Administrative Expenses

5.1

2.8

2.5

2.8

3.9

        Investment Income - Operating

-0.1

0.1

0.0

-0.3

-0.4

    Interest/Investment Income - Operating

-0.1

0.1

0.0

-0.3

-0.4

Interest Expense (Income) - Net Operating Total

-0.1

0.1

0.0

-0.3

-0.4

    Impairment-Assets Held for Sale

0.2

8.3

2.9

0.2

1.8

Unusual Expense (Income)

0.2

8.3

2.9

0.2

1.8

    Other, Net

-1.0

-0.6

-0.7

-1.1

-0.6

Other Operating Expenses, Total

-1.0

-0.6

-0.7

-1.1

-0.6

Total Operating Expense

32.3

37.8

27.5

29.4

31.1

 

 

 

 

 

 

Operating Income

6.1

1.5

4.3

9.2

5.1

 

 

 

 

 

 

        Investment Income - Non-Operating

-0.3

-0.1

-0.3

0.7

-2.3

    Interest/Investment Income - Non-Operating

-0.3

-0.1

-0.3

0.7

-2.3

    Interest Income (Expense) - Net Non-Operating

-0.4

-0.6

-0.4

-0.4

-0.5

Interest Income (Expense) - Net Non-Operating Total

-0.7

-0.7

-0.8

0.3

-2.7

Income Before Tax

5.4

0.7

3.6

9.5

2.4

 

 

 

 

 

 

Total Income Tax

0.3

0.0

0.2

0.4

0.1

Income After Tax

5.1

0.7

3.4

9.1

2.2

 

 

 

 

 

 

Net Income Before Extraord Items

5.1

0.7

3.4

9.1

2.2

Net Income

5.1

0.7

3.4

9.1

2.2

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

5.1

0.7

3.4

9.1

2.2

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

5.1

0.7

3.4

9.1

2.2

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

344.9

344.9

344.8

344.8

344.8

Basic EPS Excl Extraord Items

0.01

0.00

0.01

0.03

0.01

Basic/Primary EPS Incl Extraord Items

0.01

0.00

0.01

0.03

0.01

Diluted Net Income

5.1

0.7

3.4

9.1

2.2

Diluted Weighted Average Shares

344.9

344.9

344.8

344.8

344.8

Diluted EPS Excl Extraord Items

0.01

0.00

0.01

0.03

0.01

Diluted EPS Incl Extraord Items

0.01

0.00

0.01

0.03

0.01

Dividends per Share - Common Stock Primary Issue

0.00

0.04

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

12.5

0.0

0.0

0.0

Depreciation, Supplemental

-

2.5

2.3

2.3

2.2

Total Special Items

0.2

8.3

2.9

0.2

1.8

Normalized Income Before Tax

5.6

9.1

6.5

9.7

4.1

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.5

0.1

0.0

0.1

Inc Tax Ex Impact of Sp Items

0.3

0.5

0.3

0.4

0.2

Normalized Income After Tax

5.3

8.5

6.2

9.3

3.9

 

 

 

 

 

 

Normalized Inc. Avail to Com.

5.3

8.5

6.2

9.3

3.9

 

 

 

 

 

 

Basic Normalized EPS

0.02

0.02

0.02

0.03

0.01

Diluted Normalized EPS

0.02

0.02

0.02

0.03

0.01

Normalized EBIT

6.2

9.9

7.2

9.1

6.4

Normalized EBITDA

6.2

12.4

9.5

11.4

8.6

    Local Tax - Other

0.1

0.0

0.0

0.1

0.0

    Other Tax

0.2

0.0

0.1

0.3

0.1

Income Tax - Total

0.3

0.0

0.2

0.4

0.1

 

 

National Industries Company KSCC

 

Al-Shuwaikh, Kuwait, Tel: 965-2-4837095, URL: http://www.nicbm.com/

Annual Balance Sheet

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

KWD

KWD

KWD

KWD

KWD

Exchange Rate

0.27855

0.2813

0.28705

0.27655

0.2733

Auditor

Grant Thornton

Grant Thornton

Grant Thornton

Grant Thornton International

Grant Thornton International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

10.1

10.7

17.7

14.9

4.9

    Short Term Investments

15.0

19.5

15.6

19.3

61.1

Cash and Short Term Investments

25.1

30.2

33.3

34.2

66.0

        Accounts Receivable - Trade, Gross

33.4

27.1

30.9

22.8

21.2

        Provision for Doubtful Accounts

0.0

0.0

-4.0

-4.2

-4.2

    Trade Accounts Receivable - Net

33.4

27.1

26.9

18.6

17.0

    Other Receivables

22.7

20.9

18.1

31.6

18.6

Total Receivables, Net

56.2

48.0

45.0

50.2

35.6

    Inventories - Finished Goods

13.5

11.4

13.2

10.9

11.9

    Inventories - Raw Materials

28.2

25.8

25.4

28.0

22.0

    Inventories - Other

0.2

-0.2

-0.8

-0.1

-0.5

Total Inventory

42.0

37.0

37.8

38.7

33.3

Prepaid Expenses

-

-

-

0.9

0.9

    Other Current Assets

0.5

0.5

0.5

1.1

1.1

Other Current Assets, Total

0.5

0.5

0.5

1.1

1.1

Total Current Assets

123.8

115.7

116.6

125.0

137.0

 

 

 

 

 

 

        Buildings

90.0

89.1

86.9

87.3

87.2

        Machinery/Equipment

190.6

180.4

171.7

168.3

163.8

        Construction in Progress

61.1

57.2

45.2

40.1

22.0

    Property/Plant/Equipment - Gross

341.8

326.6

303.8

295.8

273.0

    Accumulated Depreciation

-246.2

-236.1

-225.2

-226.2

-221.7

Property/Plant/Equipment - Net

95.6

90.5

78.6

69.5

51.3

    LT Investment - Affiliate Companies

24.6

23.7

25.0

30.3

32.6

    LT Investments - Other

148.2

177.6

197.8

230.3

266.1

Long Term Investments

172.7

201.4

222.8

260.6

298.8

Total Assets

392.1

407.6

418.0

455.1

487.1

 

 

 

 

 

 

Accounts Payable

18.2

11.1

22.3

16.6

12.4

Payable/Accrued

0.3

0.0

0.0

0.4

0.4

Accrued Expenses

5.3

3.7

-

6.0

5.8

Notes Payable/Short Term Debt

11.0

9.6

9.4

41.5

0.0

Current Portion - Long Term Debt/Capital Leases

19.1

54.0

49.8

-

-

    Other Payables

0.7

0.5

-

0.6

0.5

    Other Current Liabilities

7.1

5.0

-

3.6

6.2

Other Current liabilities, Total

7.7

5.5

-

4.2

6.7

Total Current Liabilities

61.6

83.8

81.6

68.8

25.2

 

 

 

 

 

 

    Long Term Debt

25.9

19.6

70.7

117.2

98.9

Total Long Term Debt

25.9

19.6

70.7

117.2

98.9

Total Debt

55.9

83.2

130.0

158.7

98.9

 

 

 

 

 

 

Minority Interest

7.2

7.1

-

-

-

    Reserves

2.4

2.3

2.2

2.2

2.1

    Pension Benefits - Underfunded

14.5

13.0

11.7

11.6

12.7

    Other Long Term Liabilities

0.1

0.1

-

-

-

Other Liabilities, Total

17.0

15.5

13.9

13.8

14.8

Total Liabilities

111.6

126.0

166.3

199.7

138.9

 

 

 

 

 

 

    Common Stock

124.3

123.1

120.6

125.1

120.4

Common Stock

124.3

123.1

120.6

125.1

120.4

Additional Paid-In Capital

114.6

113.5

111.1

115.3

115.9

Retained Earnings (Accumulated Deficit)

25.5

20.1

5.8

15.6

85.7

Treasury Stock - Common

-2.0

-2.0

-2.3

-2.9

-3.6

    Other Equity

18.2

26.9

16.6

2.3

29.7

Other Equity, Total

18.2

26.9

16.6

2.3

29.7

Total Equity

280.5

281.6

251.8

255.4

348.1

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

392.1

407.6

418.1

455.1

487.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

344.8

344.8

344.5

344.0

343.1

Total Common Shares Outstanding

344.8

344.8

344.5

344.0

343.1

Treasury Shares - Common Stock Primary Issue

1.4

1.4

1.6

1.9

2.3

Total Long Term Debt, Supplemental

-

54.0

49.8

-

-

Long Term Debt Maturing within 1 Year

-

54.0

49.8

-

-

Long Term Debt Matur. in Year 6 & Beyond

-

0.0

0.0

-

-

 

National Industries Company KSCC

 

Al-Shuwaikh, Kuwait, Tel: 965-2-4837095, URL: http://www.nicbm.com/

Interim Balance Sheet

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

KWD

KWD

KWD

KWD

KWD

Exchange Rate

0.27785

0.27855

0.277

0.27425

0.2773

 

 

 

 

 

 

    Cash & Equivalents

15.5

10.1

14.2

12.9

12.2

    Short Term Investments

15.1

15.0

16.2

17.3

32.5

Cash and Short Term Investments

30.6

25.1

30.4

30.2

44.7

    Trade Accounts Receivable - Net

49.6

56.2

48.5

50.4

47.9

Total Receivables, Net

49.6

56.2

48.5

50.4

47.9

Total Inventory

41.5

42.0

41.8

36.5

35.3

    Other Current Assets

0.5

0.5

0.5

0.5

0.5

Other Current Assets, Total

0.5

0.5

0.5

0.5

0.5

Total Current Assets

122.3

123.8

121.2

117.6

128.4

 

 

 

 

 

 

Property/Plant/Equipment - Net

96.0

95.6

93.5

94.1

92.0

    LT Investment - Affiliate Companies

24.8

24.6

25.6

26.5

25.4

    LT Investments - Other

158.5

148.2

163.6

168.1

170.5

Long Term Investments

183.3

172.7

189.2

194.6

195.9

Total Assets

401.6

392.1

403.9

406.3

416.3

 

 

 

 

 

 

Accounts Payable

34.7

31.5

34.6

30.7

28.8

Notes Payable/Short Term Debt

9.4

11.0

41.3

45.8

59.8

Current Portion - Long Term Debt/Capital Leases

9.5

19.1

6.6

7.7

7.0

Total Current Liabilities

53.6

61.6

82.5

84.1

95.5

 

 

 

 

 

 

    Long Term Debt

25.9

25.9

13.4

16.8

16.6

Total Long Term Debt

25.9

25.9

13.4

16.8

16.6

Total Debt

44.8

55.9

61.3

70.2

83.4

 

 

 

 

 

 

Minority Interest

7.2

7.2

7.2

7.3

7.2

    Reserves

2.5

2.4

2.4

2.4

2.4

    Pension Benefits - Underfunded

14.9

14.5

14.4

14.4

14.4

    Other Long Term Liabilities

0.1

0.1

0.1

0.1

0.1

Other Liabilities, Total

17.5

17.0

16.9

16.9

16.8

Total Liabilities

104.1

111.6

120.0

125.1

136.2

 

 

 

 

 

 

    Common Stock

124.6

124.3

125.0

126.2

124.8

Common Stock

124.6

124.3

125.0

126.2

124.8

Additional Paid-In Capital

114.9

114.6

115.2

116.4

115.1

Retained Earnings (Accumulated Deficit)

30.7

25.5

24.7

21.6

22.4

Treasury Stock - Common

-1.4

-2.0

-2.1

-2.1

-2.0

    Other Equity

28.7

18.2

20.9

19.1

19.8

Other Equity, Total

28.7

18.2

20.9

19.1

19.8

Total Equity

297.4

280.5

283.8

281.2

280.1

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

401.6

392.1

403.9

406.3

416.3

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

345.2

344.8

344.8

344.8

344.8

Total Common Shares Outstanding

345.2

344.8

344.8

344.8

344.8

Treasury Shares - Common Stock Primary Issue

1.0

1.4

1.4

1.4

1.4

Total Long Term Debt, Supplemental

44.9

-

-

-

57.0

Long Term Debt Maturing within 1 Year

18.9

-

-

-

57.0

Long Term Debt Matur. in Year 6 & Beyond

26.0

-

-

-

0.0

 

National Industries Company KSCC

 

Al-Shuwaikh, Kuwait, Tel: 965-2-4837095, URL: http://www.nicbm.com/

Annual Cash Flows

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

KWD

KWD

KWD

KWD

KWD

Exchange Rate (Period Average)

0.276421

0.286908

0.288146

0.268983

0.284267

Auditor

Grant Thornton

Grant Thornton

Grant Thornton

Grant Thornton International

Grant Thornton International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

15.3

14.2

-9.2

-34.6

44.2

    Depreciation

9.3

8.4

7.4

7.4

6.7

Depreciation/Depletion

9.3

8.4

7.4

7.4

6.7

    Unusual Items

-3.7

-1.0

-1.1

-1.8

-4.3

    Equity in Net Earnings (Loss)

2.2

-0.1

3.0

-7.0

-8.2

    Other Non-Cash Items

18.3

23.9

40.7

62.6

7.0

Non-Cash Items

16.8

22.8

42.6

53.7

-5.5

    Accounts Receivable

-10.2

-0.7

4.0

-15.0

-18.9

    Inventories

-4.6

1.6

-2.2

-6.3

0.3

    Accounts Payable

11.2

-3.0

-4.6

2.5

5.2

    Other Liabilities

-

-

-

0.0

0.4

    Other Operating Cash Flow

3.4

-6.0

5.8

26.0

-29.7

Changes in Working Capital

-0.3

-8.2

3.1

7.3

-42.8

Cash from Operating Activities

41.1

37.2

43.8

33.8

2.7

 

 

 

 

 

 

    Purchase of Fixed Assets

-13.4

-18.5

-19.0

-26.8

-24.5

Capital Expenditures

-13.4

-18.5

-19.0

-26.8

-24.5

    Sale of Fixed Assets

-

-

-

-

0.0

    Sale/Maturity of Investment

12.8

15.4

6.5

13.9

21.5

    Investment, Net

-1.0

0.0

-2.0

0.0

0.4

    Purchase of Investments

-0.1

-0.5

-0.1

-60.1

-21.6

    Other Investing Cash Flow

0.6

0.6

4.6

8.4

0.8

Other Investing Cash Flow Items, Total

12.3

15.6

9.0

-37.9

1.1

Cash from Investing Activities

-1.1

-2.9

-10.0

-64.7

-23.4

 

 

 

 

 

 

    Other Financing Cash Flow

-42.6

-43.4

-3.9

-5.6

-6.5

Financing Cash Flow Items

-42.6

-43.4

-3.9

-5.6

-6.5

    Cash Dividends Paid - Common

-10.0

-

0.0

-30.6

-34.5

Total Cash Dividends Paid

-10.0

-

0.0

-30.6

-34.5

        Sale/Issuance of Common

0.0

0.1

0.2

0.8

0.0

        Repurchase/Retirement of Common

0.0

0.0

-0.1

-0.1

0.0

    Common Stock, Net

0.0

0.1

0.1

0.7

0.0

    Sale/Issuance of Common/Preferred

0.0

0.3

0.4

0.9

0.0

Issuance (Retirement) of Stock, Net

0.0

0.4

0.5

1.6

0.0

        Short Term Debt Reduction

-9.8

-

-

-

-

    Short Term Debt, Net

-9.8

-

-

-

-

        Long Term Debt Issued

21.7

1.4

-27.0

61.3

0.4

    Long Term Debt, Net

21.7

1.4

-27.0

61.3

0.4

Issuance (Retirement) of Debt, Net

12.0

1.4

-27.0

61.3

0.4

Cash from Financing Activities

-40.6

-41.6

-30.4

26.7

-40.5

 

 

 

 

 

 

Net Change in Cash

-0.7

-7.3

3.4

-4.1

-61.3

 

 

 

 

 

 

Net Cash - Beginning Balance

10.9

17.7

14.3

19.4

79.7

Net Cash - Ending Balance

10.2

10.5

17.7

15.3

18.4

Cash Interest Paid

1.9

1.7

3.9

5.6

6.5

 

National Industries Company KSCC

 

Al-Shuwaikh, Kuwait, Tel: 965-2-4837095, URL: http://www.nicbm.com/

Interim Cash Flows

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

12 Months

9 Months

6 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

KWD

KWD

KWD

KWD

KWD

Exchange Rate (Period Average)

0.27824

0.276421

0.276378

0.277555

0.279484

 

 

 

 

 

 

Net Income/Starting Line

5.1

15.3

14.6

11.2

2.2

    Depreciation

2.5

9.3

6.8

4.5

2.2

Depreciation/Depletion

2.5

9.3

6.8

4.5

2.2

    Unusual Items

0.0

0.0

0.0

0.0

-

    Equity in Net Earnings (Loss)

-0.1

2.7

1.7

1.0

0.8

    Other Non-Cash Items

2.2

14.1

6.7

4.0

3.7

Non-Cash Items

2.1

16.8

8.4

5.1

4.5

    Accounts Receivable

6.7

-9.9

-1.8

-3.3

-1.4

    Inventories

0.6

-4.6

-4.2

1.4

2.2

    Accounts Payable

3.0

10.9

13.5

9.4

7.7

    Other Operating Cash Flow

-0.8

3.4

1.1

0.2

0.7

Changes in Working Capital

9.6

-0.3

8.6

7.7

9.2

Cash from Operating Activities

19.3

41.1

38.4

28.4

18.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-2.7

-13.4

-8.3

-5.7

-2.3

Capital Expenditures

-2.7

-13.4

-8.3

-5.7

-2.3

    Sale of Fixed Assets

0.0

-

-

-

0.0

    Sale/Maturity of Investment

1.6

12.8

7.2

4.3

-14.0

    Investment, Net

-

-1.0

-1.0

-1.0

-

    Purchase of Investments

-1.6

-0.1

0.0

0.0

0.0

    Other Investing Cash Flow

0.0

0.6

0.6

0.4

0.0

Other Investing Cash Flow Items, Total

0.0

12.3

6.7

3.6

-13.9

Cash from Investing Activities

-2.7

-1.1

-1.6

-2.0

-16.2

 

 

 

 

 

 

    Other Financing Cash Flow

0.4

8.1

4.8

-0.5

0.0

Financing Cash Flow Items

0.4

8.1

4.8

-0.5

0.0

    Cash Dividends Paid - Common

-

-10.0

-10.0

-9.9

-

Total Cash Dividends Paid

-

-10.0

-10.0

-9.9

-

        Repurchase/Retirement of Common

-0.4

0.0

0.0

0.0

-

    Common Stock, Net

-0.4

0.0

0.0

0.0

-

    Sale/Issuance of Common/Preferred

-

0.0

0.0

0.0

0.0

Issuance (Retirement) of Stock, Net

-0.4

0.0

0.0

0.0

0.0

        Short Term Debt Reduction

-

-9.8

-

-

-

    Short Term Debt, Net

-

-9.8

-

10.8

-

        Long Term Debt Reduction

-1.7

-50.7

-25.0

-24.9

-0.5

    Long Term Debt, Net

-11.2

-29.0

-28.2

-24.8

-0.5

Issuance (Retirement) of Debt, Net

-11.2

-38.7

-28.2

-14.0

-0.5

Cash from Financing Activities

-11.2

-40.6

-33.4

-24.5

-0.5

 

 

 

 

 

 

Net Change in Cash

5.4

-0.7

3.4

1.9

1.4

 

 

 

 

 

 

Net Cash - Beginning Balance

10.1

10.9

10.9

14.4

10.7

Net Cash - Ending Balance

15.5

10.2

14.2

12.7

12.1

Cash Interest Paid

-

1.9

0.8

0.5

0.0

 

National Industries Company KSCC

 

Al-Shuwaikh, Kuwait, Tel: 965-2-4837095, URL: http://www.nicbm.com/

Annual Income Statement

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

KWD

KWD

KWD

KWD

KWD

Exchange Rate (Period Average)

0.276421

0.286908

0.288146

0.268983

0.284267

Auditor

Grant Thornton

Grant Thornton

Grant Thornton

Grant Thornton

Grant Thornton International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales

145.9

142.6

133.1

133.0

117.3

Total Revenue

145.9

142.6

133.1

133.0

117.3

 

 

 

 

 

 

    Cost of Sales

104.2

100.8

91.1

94.5

79.9

    Other Op. Income

-3.0

-3.0

-1.9

-2.8

-1.2

    Bad & Doubtful Debt Expenses

-

-

-

-

0.0

    Provision for Obsolete Moving Stock

-

-

-

-

-5.7

    Distribution Expenses

2.8

2.5

2.4

2.5

3.3

    Gen. & Admin. Expenses

9.0

7.3

7.0

9.1

5.7

    Directors' Remuneration

0.1

0.1

-

0.0

0.3

    Foreign Exchange Loss/Gain

-0.6

-1.5

3.7

0.8

-

Total Operating Expense

112.6

106.2

102.2

104.1

82.3

 

 

 

 

 

 

    Finance Cost

-1.9

-2.3

-4.6

-6.0

-6.5

    Investment Income

0.7

0.6

3.7

-3.3

13.0

    Impairment on AFS Investments

-13.2

-19.7

-32.9

-54.4

-

    Acquisition of Associates

-0.2

-

-

-

-

    Share of Loss/Profit of Associated Co.

-2.5

-0.3

-6.4

0.1

4.1

Net Income Before Taxes

16.1

14.8

-9.2

-34.6

45.7

 

 

 

 

 

 

Provision for Income Taxes

0.7

0.5

0.0

0.0

1.5

Net Income After Taxes

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Net Income Before Extra. Items

15.3

14.2

-9.2

-34.6

44.2

Net Income

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Basic Weighted Average Shares

344.8

344.7

344.2

343.7

342.8

Basic EPS Excluding ExtraOrdinary Items

0.04

0.04

-0.03

-0.10

0.13

Basic EPS Including ExtraOrdinary Items

0.04

0.04

-0.03

-0.10

0.13

Dilution Adjustment

-

-

0.0

0.0

-

Diluted Net Income

15.3

14.2

-9.2

-34.6

44.2

Diluted Weighted Average Shares

344.8

344.7

344.2

343.7

342.8

Diluted EPS Excluding ExtraOrd Items

0.04

0.04

-0.03

-0.10

0.13

Diluted EPS Including ExtraOrd Items

0.04

0.04

-0.03

-0.10

0.13

DPS-Common Stock

0.04

0.03

-

-

0.09

Gross Dividends - Common Stock

12.5

9.6

-

-

28.7

Normalized Income Before Taxes

16.1

14.8

-9.2

-34.6

45.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.7

0.5

0.0

0.0

1.5

Normalized Income After Taxes

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

15.3

14.2

-9.2

-34.6

44.2

 

 

 

 

 

 

Basic Normalized EPS

0.04

0.04

-0.03

-0.10

0.13

Diluted Normalized EPS

0.04

0.04

-0.03

-0.10

0.13

Depreciation

9.3

8.4

7.4

7.4

6.7

Interest Expense

1.9

2.3

4.6

6.0

6.5

    KFAS

0.1

0.1

0.0

0.0

0.3

    National Labour Support Tax

0.4

0.3

0.0

0.0

1.1

    Zakat

0.2

0.1

0.0

0.0

0.0

Income Tax - Total

0.7

0.5

0.0

0.0

1.5

 

National Industries Company KSCC

 

Al-Shuwaikh, Kuwait, Tel: 965-2-4837095, URL: http://www.nicbm.com/

Interim Income Statement

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

KWD

KWD

KWD

KWD

KWD

Exchange Rate (Period Average)

0.27824

0.276609

0.274039

0.275624

0.279484

 

 

 

 

 

 

    Sales

38.4

39.3

31.9

38.5

36.1

Total Revenue

38.4

39.3

31.9

38.5

36.1

 

 

 

 

 

 

    Cost of Sales

28.1

27.2

22.8

27.8

26.4

    Other Op. Income

-1.0

-0.6

-0.7

-1.1

-0.6

    Distribution Expenses

0.7

0.6

0.6

0.8

0.8

    Gen. & Admin. Expenses

4.4

2.0

1.9

2.0

3.1

    Directors' Remuneration

-

0.1

-

-

-

    Foreign Exchange Gain/ Loss

-0.1

0.1

0.0

-0.3

-0.4

    Impairment of AFS Investments

0.2

8.3

2.9

0.2

1.8

Total Operating Expense

32.3

37.8

27.5

29.4

31.1

 

 

 

 

 

 

    Finance Costs

-0.4

-0.6

-0.4

-0.4

-0.5

    Investment Income/Loss

-0.5

0.9

0.4

1.0

-1.5

    Acquisition of Associates

-

-0.2

-

-

-

    Share of Loss/Profit of Associated Co.

0.1

-0.8

-0.7

-0.2

-0.8

Net Income Before Taxes

5.4

0.7

3.6

9.5

2.4

 

 

 

 

 

 

Provision for Income Taxes

0.3

0.0

0.2

0.4

0.1

Net Income After Taxes

5.1

0.7

3.4

9.1

2.2

 

 

 

 

 

 

Net Income Before Extra. Items

5.1

0.7

3.4

9.1

2.2

Net Income

5.1

0.7

3.4

9.1

2.2

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

5.1

0.7

3.4

9.1

2.2

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

5.1

0.7

3.4

9.1

2.2

 

 

 

 

 

 

Basic Weighted Average Shares

344.9

344.9

344.8

344.8

344.8

Basic EPS Excluding ExtraOrdinary Items

0.01

0.00

0.01

0.03

0.01

Basic EPS Including ExtraOrdinary Items

0.01

0.00

0.01

0.03

0.01

Diluted Net Income

5.1

0.7

3.4

9.1

2.2

Diluted Weighted Average Shares

344.9

344.9

344.8

344.8

344.8

Diluted EPS Excluding ExtraOrd Items

0.01

0.00

0.01

0.03

0.01

Diluted EPS Including ExtraOrd Items

0.01

0.00

0.01

0.03

0.01

DPS-Common Stock

0.00

0.04

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

12.5

0.0

0.0

0.0

Normalized Income Before Taxes

5.6

9.1

6.5

9.7

4.1

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.3

0.5

0.3

0.4

0.2

Normalized Income After Taxes

5.3

8.5

6.2

9.3

3.9

 

 

 

 

 

 

Normalized Inc. Avail to Com.

5.3

8.5

6.2

9.3

3.9

 

 

 

 

 

 

Basic Normalized EPS

0.02

0.02

0.02

0.03

0.01

Diluted Normalized EPS

0.02

0.02

0.02

0.03

0.01

Depreciation

-

2.5

2.3

2.3

2.2

    KFAS

0.1

0.0

0.0

0.1

0.0

    National Labour Support Tax

0.2

0.0

0.1

0.2

0.1

    Zakat

0.1

0.0

0.0

0.1

0.0

Income Tax - Total

0.3

0.0

0.2

0.4

0.1

 

National Industries Company KSCC

 

Al-Shuwaikh, Kuwait, Tel: 965-2-4837095, URL: http://www.nicbm.com/

Annual Balance Sheet

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

KWD

KWD

KWD

KWD

KWD

Exchange Rate

0.27855

0.2813

0.28705

0.27655

0.2733

Auditor

Grant Thornton

Grant Thornton

Grant Thornton

Grant Thornton

Grant Thornton International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Investments at Fair Value

15.0

19.5

15.6

19.3

46.9

    Wakala Investment

-

-

-

-

14.2

    Finished Goods & Work in Progress

13.5

11.4

13.2

10.9

11.9

    Raw Materials

19.4

16.3

15.8

18.1

11.9

    Spare Parts

8.8

9.5

9.6

9.8

10.0

    Goods in Tansit

2.5

2.6

4.7

3.9

3.3

    Obsolete Stock

-2.3

-2.8

-5.6

-4.1

-3.8

    Trade Receivables

33.4

27.1

30.9

22.8

21.2

    Provision for Doubtful Debts

0.0

0.0

-4.0

-4.2

-4.2

    Other Receivables

22.7

20.9

18.1

-

-

    Staff Receivable

-

-

-

0.4

0.2

    Prepayments

-

-

-

0.9

0.9

    Other Assets

-

-

-

1.1

1.1

    Due from Related Companies

-

-

-

0.0

0.0

    Due from Parent Company

-

-

-

18.8

-

    Due from Associate

-

-

-

10.6

8.5

    Advance Payments Towards Purchase of Inv

-

-

-

1.8

9.9

    Fixed Deposit

0.5

0.5

0.5

-

-

    Cash & Bank Balances

10.1

10.7

17.7

14.9

4.9

Total Current Assets

123.8

115.7

116.6

125.0

137.0

 

 

 

 

 

 

    Buildings

90.0

89.1

86.9

87.3

87.2

    Plant & Equipment

134.7

128.0

123.4

119.8

118.1

    Motor Vehicles

38.8

36.0

32.5

32.7

30.4

    Furniture & Equipment

17.0

16.4

15.8

15.8

15.3

    Property Under Construction

61.1

57.2

45.2

40.1

22.0

    Depreciation

-246.2

-236.1

-225.2

-226.2

-221.7

    Investment in Subsidiary Company

-

-

-

-

0.4

    Investment in Associated Company

24.6

23.7

25.0

30.3

32.3

    Available for Sale Investments

148.2

177.6

197.8

230.3

266.1

Total Assets

392.1

407.6

418.0

455.1

487.1

 

 

 

 

 

 

    Accounts Payable

-

-

22.3

-

-

    Trade Payables

18.2

11.1

-

16.6

12.4

    Staff Payables

0.7

0.5

-

0.6

0.5

    Provision for Staff Leave

2.3

1.9

-

1.7

1.9

    Accrued Expenses

5.3

3.7

-

6.0

5.8

    Due to Company

0.8

1.0

-

0.0

0.1

    Other Liabs.

4.0

2.0

-

1.9

4.2

    Current Portion of Musharaka Bonds

0.0

49.8

49.8

-

-

    ST Loans

0.0

9.6

9.4

41.5

-

    ST Murabaha

11.0

0.0

-

-

-

    Due to Customers for Contract Works

0.3

0.0

0.0

0.4

0.4

    Current Portion of LT Loan

19.0

3.2

-

-

-

    Current Portion of Murabaha Payables

0.1

1.0

-

-

-

Total Current Liabilities

61.6

83.8

81.6

68.8

25.2

 

 

 

 

 

 

    Musharaka Bonds

-

0.0

49.8

99.1

98.9

    LT Loans

25.9

19.6

20.9

18.1

-

Total Long Term Debt

25.9

19.6

70.7

117.2

98.9

 

 

 

 

 

 

    Provision for Land-fill Expenses

2.4

2.3

2.2

2.2

2.1

    Provision for Staff Indemnity

14.5

13.0

11.7

11.6

12.7

    Murabaha Payables

0.1

0.1

-

-

-

    Minority Interest

7.2

7.1

-

-

-

Total Liabilities

111.6

126.0

166.3

199.7

138.9

 

 

 

 

 

 

    Share Capital

124.3

123.1

120.6

125.1

120.4

    Treasury Shares

-2.0

-2.0

-2.3

-2.9

-3.6

    Share Premium

114.6

113.5

111.1

115.3

115.9

    Legal Reserve

8.8

7.1

23.1

24.0

24.3

    Voluntary Reserve

3.1

1.5

19.5

20.2

20.5

    Staff Bonus Shares

-

-

-

0.0

0.1

    Foreign Currency translation Reserve

-0.3

-0.1

0.2

0.0

-

    TS Profit Reserve

0.1

0.1

0.1

0.3

0.1

    Fair Value

18.2

26.9

16.6

2.3

29.6

    Retained Earnings

13.7

11.5

-37.1

-28.9

40.7

Total Equity

280.5

281.6

251.8

255.4

348.1

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

392.1

407.6

418.1

455.1

487.1

 

 

 

 

 

 

    S/O-Common Stock

344.8

344.8

344.5

344.0

343.1

Total Common Shares Outstanding

344.8

344.8

344.5

344.0

343.1

T/S-Common Stock

1.4

1.4

1.6

1.9

2.3

Current maturities

-

54.0

49.8

-

-

Total Long Term Debt, Supplemental

-

54.0

49.8

-

-

 

National Industries Company KSCC

 

Al-Shuwaikh, Kuwait, Tel: 965-2-4837095, URL: http://www.nicbm.com/

Interim Balance Sheet

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

KWD

KWD

KWD

KWD

KWD

Exchange Rate

0.27785

0.27855

0.277

0.27425

0.2773

 

 

 

 

 

 

    Trading Investments

15.1

15.0

16.2

17.3

18.1

    Wakala Investment

0.0

-

-

0.0

14.4

    Inventories

41.5

42.0

41.8

36.5

35.3

    Trade Receivables/Net

49.6

56.2

48.5

50.4

47.9

    ST Deposits

0.5

0.5

0.5

0.5

0.5

    Cash & Bank Balances

15.5

10.1

14.2

12.9

12.2

Total Current Assets

122.3

123.8

121.2

117.6

128.4

 

 

 

 

 

 

    Property, Plant & Equip. Net

96.0

95.6

93.5

94.1

92.0

    Investment in Associated Company

24.8

24.6

25.6

26.5

25.4

    Available for Sale Investments

158.5

148.2

163.6

168.1

170.5

Total Assets

401.6

392.1

403.9

406.3

416.3

 

 

 

 

 

 

    Trade Payables

34.7

31.5

34.6

30.7

28.8

    ST Loan

0.0

0.0

9.7

15.4

9.7

    Current Portion of Long TermLoan

9.5

19.0

6.5

6.6

6.5

    ST Murabaha

9.4

11.0

6.6

5.3

-

    Murabaha Finance/ Tawarruq & Wakala

-

0.0

25.0

25.0

50.0

    Current Portion of Murabaha Payables

-

0.1

0.1

1.1

0.5

Total Current Liabilities

53.6

61.6

82.5

84.1

95.5

 

 

 

 

 

 

    Term Loan

25.9

25.9

13.4

16.8

16.6

    Musharaka Bonds

-

-

0.0

0.0

-

Total Long Term Debt

25.9

25.9

13.4

16.8

16.6

 

 

 

 

 

 

    Provision for Land-fill Expenses

2.5

2.4

2.4

2.4

2.4

    Provision for Staff Indemnity

14.9

14.5

14.4

14.4

14.4

    Murabaha Payables

0.1

0.1

0.1

0.1

0.1

    Minority Interest

7.2

7.2

7.2

7.3

7.2

Total Liabilities

104.1

111.6

120.0

125.1

136.2

 

 

 

 

 

 

    Share Capital

124.6

124.3

125.0

126.2

124.8

    Treasury Shares

-1.4

-2.0

-2.1

-2.1

-2.0

    Share Premium

114.9

114.6

115.2

116.4

115.1

    Legal Reserve

8.8

8.8

7.3

7.3

7.2

    Voluntary Reserve

3.1

3.1

1.5

1.6

1.5

    TS Profit Reserve

-

0.1

0.1

0.1

0.1

    Fair Value

28.7

18.2

20.9

19.1

19.8

    Foreign Currency translation Reserve

-

-0.3

-0.5

-0.5

-0.4

    Retained Earnings

18.7

13.7

16.3

13.1

13.9

Total Equity

297.4

280.5

283.8

281.2

280.1

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

401.6

392.1

403.9

406.3

416.3

 

 

 

 

 

 

    S/O-Common Stock

345.2

344.8

344.8

344.8

344.8

Total Common Shares Outstanding

345.2

344.8

344.8

344.8

344.8

T/S-Common Stock

1.0

1.4

1.4

1.4

1.4

Current maturities

18.9

-

-

-

57.0

Long Term Debt - Remaining Maturities

26.0

-

-

-

-

Total Long Term Debt, Supplemental

44.9

-

-

-

57.0

 

National Industries Company KSCC

 

Al-Shuwaikh, Kuwait, Tel: 965-2-4837095, URL: http://www.nicbm.com/

Annual Cash Flows

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

KWD

KWD

KWD

KWD

KWD

Exchange Rate (Period Average)

0.276421

0.286908

0.288146

0.268983

0.284267

Auditor

Grant Thornton

Grant Thornton

Grant Thornton

Grant Thornton

Grant Thornton International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

15.3

14.2

-9.2

-34.6

44.2

    Depreciation

9.3

8.4

7.4

7.4

6.7

    Disposal of Fixed Assets

0.0

0.0

0.1

0.0

0.1

    Provs. for Obsolete & Slow Moving Asset

-

0.0

1.6

0.4

-

    Profit on AFS Investment

-3.7

-1.0

-1.2

-1.8

-4.4

    Income from Wakala Investment

-0.1

-0.2

-1.6

-0.1

3.2

    Share of Loss/Profit of Associated Co.

2.5

0.3

6.4

-0.1

-4.1

    Acquisition of Associates

0.2

-

-

-

-

    Dividend Income

-0.5

-0.4

-3.4

-6.8

-4.1

    Interest Income

0.0

0.0

-0.1

0.0

0.0

    Impairment of AFS Investments

13.2

19.7

32.9

54.4

-

    Financial Costs

1.9

2.3

4.6

6.0

6.5

    Foreign Exchange Loss

0.4

-1.6

3.8

0.8

-5.5

    Cost of Share-Based Payment

-

-

-

0.0

0.4

    Provision for Land-fill Expenses

0.1

0.1

0.1

0.1

0.1

    Provision for Staff Indemnity

3.0

1.9

1.6

1.6

0.5

    Inventories

-4.6

1.6

-2.2

-6.3

0.3

    Investment at Fair Value

4.8

-3.6

3.0

27.8

-24.2

    Accounts Receivable

-10.1

-0.5

5.6

-14.9

-22.1

    Accounts Payable

10.9

-3.0

-4.2

2.5

4.8

    Due to Customers for Contract Works

0.3

-

-0.4

0.1

0.4

    Staff Indemnity Paid

-1.7

-0.8

-1.0

-2.6

-

Cash from Operating Activities

41.1

37.2

43.8

33.8

2.7

 

 

 

 

 

 

    Purchase of Fixed Assets

-13.4

-18.5

-19.0

-26.8

-24.5

    Disposal of Fixed Assets

-

-

-

-

0.0

    Investment in Subsidiary Company

-

-

-

-

0.4

    Investment in Associated Company

-1.0

0.0

-2.0

0.0

0.0

    Disposal of AFS Investment

12.8

15.4

6.5

13.9

21.5

    Purchase of Investments

-0.1

-0.5

-0.1

-60.1

-21.6

    Dividend Received from Ass. Companies

-

-

0.0

1.4

-

    Dividend Income Received from Inv.

0.5

0.4

3.4

6.8

4.1

    Income Received from Murabaha Investment

0.1

0.2

1.6

0.1

-3.2

    Interest Received

0.0

0.0

0.1

0.0

0.0

    Fixed Deposit

-

0.0

-0.5

-

-

Cash from Investing Activities

-1.1

-2.9

-10.0

-64.7

-23.4

 

 

 

 

 

 

    Share Issue

0.0

0.1

0.2

0.8

0.0

    Capital Contributed by Minority Interest

0.0

7.0

-

-

-

    Murabaha Finance/ Tawarruq Facilities

-

1.4

3.5

-

0.4

    Proceeds from Murabaha Payables

10.1

1.1

-

-

-

    Repayment of Musharaka Bonds

-50.7

-49.7

-

-

-

    Purchase of Treasury Shares

0.0

0.0

-0.1

-0.1

0.0

    Sale of Treasury Shares

0.0

0.3

0.4

0.9

0.0

    Dividend Paid

-10.0

-

0.0

-30.6

-34.5

    Tawarruq Facilities & Wakala Payables

-

-

-

-

0.0

    ST Debt Repaid

-9.8

-

-

-

-

    Proceeds from Term Loans

21.7

0.0

-30.5

61.3

-

    Financial Cost Paid

-1.9

-1.7

-3.9

-5.6

-6.5

Cash from Financing Activities

-40.6

-41.6

-30.4

26.7

-40.5

 

 

 

 

 

 

Net Change in Cash

-0.7

-7.3

3.4

-4.1

-61.3

 

 

 

 

 

 

Net Change Beginning of Balance

10.9

17.7

14.3

19.4

79.7

Net Change End of Balance

10.2

10.5

17.7

15.3

18.4

    Cash Interest Paid

1.9

1.7

3.9

5.6

6.5

 

National Industries Company KSCC

 

Al-Shuwaikh, Kuwait, Tel: 965-2-4837095, URL: http://www.nicbm.com/

Interim Cash Flows

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

12 Months

9 Months

6 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

KWD

KWD

KWD

KWD

KWD

Exchange Rate (Period Average)

0.27824

0.276421

0.276378

0.277555

0.279484

 

 

 

 

 

 

Net Income

5.1

15.3

14.6

11.2

2.2

    Depreciation

2.5

9.3

6.8

4.5

2.2

    Profit on AFS Investment

0.6

-3.7

-1.8

-0.8

0.0

    Loss on Write off of Property

0.0

-

0.0

0.0

-

    Share of Loss/Profit of Associated Co.

-0.1

2.5

1.7

1.0

0.8

    Impairment of AFS Investments

0.2

13.2

4.9

2.0

1.8

    Disposal of Fixed Assets

-

0.0

-

-

-

    Income from Wakala Investment

0.0

-0.1

-0.1

0.0

0.0

    Acquisition of Associates

-

0.2

-

-

-

    Dividend Income

0.0

-0.5

-0.5

-0.4

0.0

    Interest Income

0.0

0.0

0.0

0.0

0.0

    Finance Costs

0.4

1.9

1.3

0.9

0.5

    Foreign Exchange Loss

-0.1

0.4

-1.0

-1.1

-0.6

    Provision for Land-fill Expenses

0.0

0.1

0.1

0.0

0.0

    Provision for Staff Indemnity

1.0

3.0

2.8

2.4

1.5

    Inventories

0.6

-4.6

-4.2

1.4

2.2

    Investments at Fair Value

0.0

4.8

3.7

2.7

1.7

    Accounts Receivable

6.7

-10.1

-1.8

-3.3

-1.4

    Due to Customer Contract Work

-

0.3

0.0

-

-

    Accounts Payable

3.0

10.9

13.5

9.4

7.7

    Staff Indemnity Paid

-0.6

-1.7

-1.6

-1.4

-0.4

Cash from Operating Activities

19.3

41.1

38.4

28.4

18.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-2.7

-13.4

-8.3

-5.7

-2.3

    Disposal of Fixed Assets

0.0

-

-

-

0.0

    Investment in Associate

-

-1.0

-1.0

-1.0

-

    Disposal of AFS Investment

1.6

12.8

7.2

4.2

0.4

    Purchase of Investments

-1.6

-0.1

0.0

0.0

0.0

    Wakala Investments

-

-

-

0.0

-

    Proceed from Wakala Investment

0.0

-

0.0

0.0

-14.3

    Dividend Income Received from Inv.

0.0

0.5

0.5

0.4

0.0

    Income Received from Murabaha Investment

-

0.1

0.1

-

-

    Interest Received

0.0

0.0

0.0

0.0

0.0

Cash from Investing Activities

-2.7

-1.1

-1.6

-2.0

-16.2

 

 

 

 

 

 

    Proceeds - Issuance of Shares

-

0.0

0.0

0.0

0.0

    Term Loan

-9.5

21.7

-3.3

0.1

0.0

    Proceeds from ST loan

-

-

-

5.5

-

    Proceeds from ST Murabaha

-

-

-

5.3

-

    Proceeds from Murabah Payables

-

10.1

5.6

-

-

    Repayment of Musharaka Bonds

-1.7

-50.7

-25.0

-24.9

-0.5

    Purchase of Treasury Shares

-0.4

0.0

0.0

0.0

-

    Sale of Treasury Share

0.8

0.0

0.0

0.0

0.0

    Dividend Paid

-

-10.0

-10.0

-9.9

-

    ST Debt Repaid

-

-9.8

-

-

-

    Finance Costs Paid

-0.4

-1.9

-0.8

-0.5

0.0

    Minority Interest

-

0.0

0.0

0.0

0.0

Cash from Financing Activities

-11.2

-40.6

-33.4

-24.5

-0.5

 

 

 

 

 

 

Net Change in Cash

5.4

-0.7

3.4

1.9

1.4

 

 

 

 

 

 

Net Change Beginning of Balance

10.1

10.9

10.9

14.4

10.7

Net Change End of Balance

15.5

10.2

14.2

12.7

12.1

    Cash Interest Paid

-

1.9

0.8

0.5

0.0

 

 

ational Industries Company KSCC

 

Al-Shuwaikh, Kuwait, Tel: 965-2-4837095, URL: http://www.nicbm.com/

Business Segments

Financials in: As Reported (mil)

Annual

 

 

 

External Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Building Materials

145.9

111.7 %

142.6

115.8 %

133.1

82 %

133.0

176.2 %

117.3

87.2 %

Investment

-15.2

-11.7 %

-19.4

-15.8 %

29.2

18 %

-57.5

-76.2 %

17.2

12.8 %

Segment Total

130.6

100 %

123.2

100 %

162.3

100 %

75.5

100 %

134.5

100 %

Consolidated Total

130.6

100 %

123.2

100 %

162.3

100 %

75.5

100 %

134.5

100 %

Exchange Rate: KWD to USD

0.276421

 

0.286908

 

0.288146

 

0.268983

 

0.284267

 

Total Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Building Materials

145.9

111.7 %

142.6

115.8 %

133.1

82 %

133.0

176.2 %

117.3

87.2 %

Investment

-15.2

-11.7 %

-19.4

-15.8 %

29.2

18 %

-57.5

-76.2 %

17.2

12.8 %

Segment Total

130.6

100 %

123.2

100 %

162.3

100 %

75.5

100 %

134.5

100 %

Consolidated Total

130.6

100 %

123.2

100 %

162.3

100 %

75.5

100 %

134.5

100 %

Exchange Rate: KWD to USD

0.276421

 

0.286908

 

0.288146

 

0.268983

 

0.284267

 

 

Depreciation   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Building Materials

9.3

100 %

8.4

100 %

7.4

100 %

7.4

100 %

6.7

100 %

Investment

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Segment Total

9.3

100 %

8.4

100 %

7.4

100 %

7.4

100 %

6.7

100 %

Consolidated Total

9.3

100 %

8.4

100 %

7.4

100 %

7.4

100 %

6.7

100 %

Exchange Rate: KWD to USD

0.276421

 

0.286908

 

0.288146

 

0.268983

 

0.284267

 

Operating Income/Loss   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Building Materials

32.8

186.7 %

35.1

223.9 %

34.6

-3,527.2 %

29.8

-107.2 %

29.6

64.4 %

Investment

-15.2

-86.7 %

-19.4

-123.9 %

-35.6

3,627.2 %

-57.5

207.2 %

16.4

35.6 %

Segment Total

17.6

100 %

15.7

100 %

-1.0

100 %

-27.8

100 %

46.0

100 %

Consolidated Total

17.6

100 %

15.7

100 %

-1.0

100 %

-27.8

100 %

46.0

100 %

Exchange Rate: KWD to USD

0.276421

 

0.286908

 

0.288146

 

0.268983

 

0.284267

 

 

Operating Margin (%)  

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Building Materials

22.5

-

24.6

-

26.0

-

22.4

-

25.2

-

Investment

100.0

-

100.0

-

-122.0

-

100.0

-

95.3

-

Segment Total

13.4

-

12.7

-

-0.6

-

-36.8

-

34.2

-

Consolidated Total

13.4

-

12.7

-

-0.6

-

-36.8

-

34.2

-

Income After Tax   USD (mil)

 

31-Dec-11

31-Dec-10

Building Materials

32.8

186.7 %

35.1

223.9 %

Investment

-15.2

-86.7 %

-19.4

-123.9 %

Segment Total

17.6

100 %

15.7

100 %

Unallocated

-2.2

-12.7 %

-1.5

-9.3 %

Consolidated Total

15.3

87.3 %

14.2

90.7 %

Exchange Rate: KWD to USD

0.276421

 

0.286908

 

 

Net Profit Margin (%)  

 

31-Dec-11

31-Dec-10

Building Materials

22.5

-

24.6

-

Investment

100.0

-

100.0

-

Segment Total

13.4

-

12.7

-

Consolidated Total

11.7

-

11.5

-

Equity In Affiliates   USD (mil)

 

31-Dec-11

31-Dec-10

Building Materials

0.0

0 %

0.0

0 %

Investment

2.5

100 %

0.3

100 %

Segment Total

2.5

100 %

0.3

100 %

Consolidated Total

2.5

100 %

0.3

100 %

Exchange Rate: KWD to USD

0.276421

 

0.286908

 

 

Total Assets   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Building Materials

175.8

44.8 %

157.7

38.7 %

145.8

34.9 %

162.8

35.8 %

107.5

22.1 %

Investment

216.3

55.2 %

249.9

61.3 %

272.2

65.1 %

292.3

64.2 %

379.6

77.9 %

Segment Total

392.1

100 %

407.6

100 %

418.0

100 %

455.1

100 %

487.1

100 %

Consolidated Total

392.1

100 %

407.6

100 %

418.0

100 %

455.1

100 %

487.1

100 %

Exchange Rate: KWD to USD

0.278550

 

0.281300

 

0.287050

 

0.276550

 

0.273300

 

Operating Return on Assets (%)  

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Building Materials

18.5

-

22.7

-

23.8

-

17.8

-

28.7

-

Investment

-7.0

-

-7.9

-

-13.1

-

-19.1

-

4.5

-

Segment Total

4.4

-

3.9

-

-0.2

-

-5.9

-

9.8

-

Consolidated Total

4.4

-

3.9

-

-0.2

-

-5.9

-

9.8

-

 

Total Liabilities   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Building Materials

58.8

56.3 %

85.9

72.2 %

134.6

81 %

22.4

8.8 %

69.9

51 %

Investment

45.7

43.7 %

33.0

27.8 %

31.6

19 %

233.0

91.2 %

67.2

49 %

Segment Total

104.4

100 %

118.9

100 %

166.3

100 %

255.4

100 %

137.2

100 %

Consolidated Total

104.4

100 %

118.9

100 %

166.3

100 %

255.4

100 %

137.2

100 %

Exchange Rate: KWD to USD

0.278550

 

0.281300

 

0.287050

 

0.276550

 

0.273300

 

 

 

 

 

National Industries Company KSCC

 

Al-Shuwaikh, Kuwait, Tel: 965-2-4837095, URL: http://www.nicbm.com/

Business Segments

Financials in: As Reported (mil)

 

Interim

 

 

External Revenue   USD (mil)

 

31-Mar-12

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

Building Materials

38.4

101.4 %

39.3

151.2 %

31.9

101.1 %

38.5

98.2 %

36.1

106.7 %

Investments

-0.5

-1.4 %

-13.3

-51.2 %

-0.3

-1.1 %

0.7

1.8 %

-2.3

-6.7 %

Segment Total

37.9

100 %

26.0

100 %

31.5

100 %

39.2

100 %

33.9

100 %

Consolidated Total

37.9

100 %

26.0

100 %

31.5

100 %

39.2

100 %

33.9

100 %

Exchange Rate: KWD to USD

0.278240

 

0.276609

 

0.274039

 

0.275624

 

0.279484

 

Total Revenue   USD (mil)

 

31-Mar-12

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

Building Materials

38.4

101.4 %

39.3

151.2 %

31.9

101.1 %

38.5

98.2 %

36.1

106.7 %

Investments

-0.5

-1.4 %

-13.3

-51.2 %

-0.3

-1.1 %

0.7

1.8 %

-2.3

-6.7 %

Segment Total

37.9

100 %

26.0

100 %

31.5

100 %

39.2

100 %

33.9

100 %

Consolidated Total

37.9

100 %

26.0

100 %

31.5

100 %

39.2

100 %

33.9

100 %

Exchange Rate: KWD to USD

0.278240

 

0.276609

 

0.274039

 

0.275624

 

0.279484

 

 

Depreciation   USD (mil)

 

31-Mar-12

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

Building Materials

2.5

100 %

2.6

100 %

2.3

100 %

2.3

100 %

2.2

100 %

Investments

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Segment Total

2.5

100 %

2.6

100 %

2.3

100 %

2.3

100 %

2.2

100 %

Consolidated Total

2.5

100 %

2.6

100 %

2.3

100 %

2.3

100 %

2.2

100 %

Exchange Rate: KWD to USD

0.278240

 

0.276609

 

0.274039

 

0.275624

 

0.279484

 

Operating Income/Loss   USD (mil)

 

31-Mar-12

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

Building Materials

6.2

109.2 %

10.1

619.8 %

7.2

181 %

9.1

94.9 %

6.4

265.8 %

Investments

-0.5

-9.2 %

-8.4

-519.8 %

-3.2

-81 %

0.5

5.1 %

-4.0

-165.6 %

Segment Total

5.7

100 %

1.6

100 %

4.0

100 %

9.6

100 %

2.4

100 %

Consolidated Total

5.7

100 %

1.6

100 %

4.0

100 %

9.6

100 %

2.4

100 %

Exchange Rate: KWD to USD

0.278240

 

0.276609

 

0.274039

 

0.275624

 

0.279484

 

 

Operating Margin (%)  

 

31-Mar-12

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

Building Materials

16.2

-

25.6

-

22.6

-

23.5

-

17.8

-

Investments

100.0

-

63.4

-

962.0

-

67.7

-

177.7

-

Segment Total

15.0

-

6.2

-

12.6

-

24.4

-

7.2

-

Consolidated Total

15.0

-

6.2

-

12.6

-

24.4

-

7.2

-

Income After Tax   USD (mil)

 

31-Mar-12

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

Building Materials

6.2

109.2 %

10.1

619.8 %

7.2

181 %

9.1

94.9 %

6.4

265.8 %

Investments

-0.5

-9.2 %

-8.4

-519.8 %

-3.2

-81 %

0.5

5.1 %

-4.0

-165.6 %

Segment Total

5.7

100 %

1.6

100 %

4.0

100 %

9.6

100 %

2.4

100 %

Unallocated

-0.6

-10.5 %

-0.9

-57.7 %

-0.6

-14.8 %

-0.5

-5.2 %

-0.2

-8.6 %

Consolidated Total

5.1

89.4 %

0.7

42.3 %

3.4

85.1 %

9.1

94.8 %

2.2

91.4 %

Exchange Rate: KWD to USD

0.278240

 

0.276609

 

0.274039

 

0.275624

 

0.279484

 

 

Net Profit Margin (%)  

 

31-Mar-12

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

Building Materials

16.2

-

25.6

-

22.6

-

23.5

-

17.8

-

Investments

100.0

-

63.4

-

962.0

-

67.7

-

177.7

-

Segment Total

15.0

-

6.2

-

12.6

-

24.4

-

7.2

-

Consolidated Total

13.4

-

2.6

-

10.8

-

23.1

-

6.5

-

Equity In Affiliates   USD (mil)

 

31-Mar-12

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

Building Materials

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Investments

-0.1

100 %

0.8

100 %

0.7

100 %

0.2

100 %

0.8

100 %

Segment Total

-0.1

100 %

0.8

100 %

0.7

100 %

0.2

100 %

0.8

100 %

Consolidated Total

-0.1

100 %

0.8

100 %

0.7

100 %

0.2

100 %

0.8

100 %

Exchange Rate: KWD to USD

0.278240

 

0.276609

 

0.274039

 

0.275624

 

0.279484

 

 

Total Assets   USD (mil)

 

31-Mar-12

Building Materials

202.6

50.5 %

Investments

198.9

49.5 %

Segment Total

401.6

100 %

Consolidated Total

401.6

100 %

Exchange Rate: KWD to USD

0.277850

 

Operating Return on Assets (%)  

 

31-Mar-12

Building Materials

3.1

-

Investments

-0.3

-

Segment Total

1.4

-

Consolidated Total

1.4

-

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.76

UK Pound

1

Rs.86.79

Euro

1

Rs.67.43

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.